SteelMint’s domestic steel scrap (end-cutting) index edged up by INR 200/tonne (t) to INR 45,100/t DAP Mandi Gobindgarh on 31 December, 2022. The index rose as semi-finished steel demand and prices improved in today’s trading session.
In morning trade today in Mandi Gobindgarh, north India, steel ingots prices opened on a positive note, increasing by INR 300/t to INR 50,200/t but inched down later in the day to INR 50,100/t at the time of reporting and price normalisation. Prices in almost all the key markets increased by up to INR 800/t today.
“During the first half of the day, the market was on a positive note and a moderate volume was traded in semi-finished steel, but in the second half, buyers turned silent,” a market source said.
Snapshots of other markets
Alang: Shipbreaking melting scrap prices in Gujarat’s Alang market increased by INR 500/t d-o-d, as per SteelMint’s assessment. HMS (80:20) prices are assessed at INR 38,500/t ex-yard. Prices of semi-finished steel rose during yesterday’s trading session, and active buying interest for scrap by the induction furnace mills at Bhavnagar, Gujarat, prompted suppliers to hike their offers, sources informed.
Chennai: In southern India-based Chennai market, billets prices increased by INR 500/t to INR 48,500/t, while HMS 80:20 scrap and rebars prices remained stable today.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,200/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $419-425/t (including freight, it comes to approximately INR 37,400/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 (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 14,750/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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