SteelMint’s domestic steel scrap (end-cutting) index fell by INR 400/tonne (t) to INR 42,400/t DAP Mandi Gobindgarh on 29 October, 2022.
In Mandi, steel ingots prices decreased marginally by 400 INR/t d-o-d today, settling at 48,400/t at the time of reporting and price normalisation.
Due to shortage of labour, scrap supply from the nearby states was affected.
Since 24 October the market has remained closed and activity is likely to resume after the end of this month when real trends will expectedly emerge.
Semi-finished and finished steel trade in the region remained way below moderate levels, with only need-based purchases taking place.
Moreover, liquidity issues persisted in the market which made it difficult for smooth transactions to take place.
In Chennai scrap prices increased due to limited availability of material in the market.
Market highlights–
End-cutting and billets spread: In Punjab, the spread between end-cutting scrap and billets was unchanged at INR 5,600-5,800/t today.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $418-440/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,700/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 14,850/t.
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