The domestic steel scrap (end-cutting) index remained stable at INR 45,200/t DAP Mandi Gobindgarh on 26 September, 2022.
The price discrepancy in the domestic market is due to the lack of demand for finished products and semis.
Steel ingots in Mandi opened on a positive note today and increased from INR 50,300 to INR 50,500 t, but then remained stable at the time of reporting and price normalisation.
Amid uncertain price movements, buyers adopted a wait-and-watch approach, which led to subdued trading in the spot market throughout the day, SteelMint learnt from sources.
Market highlights
End-cutting and ingot spread: The end-cutting scrap and ingot spread in Mandi remained stable at INR 5,500-5,800/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $440-450/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 38,500/t.
Raipur sponge iron-billet spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 16,200/t.
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