SteelMint’s domestic scrap (end-cutting) index edged up by INR 300/t d-o-d to INR 43,900/tonne (t) DAP Mandi Gobindgarh on 1 March, 2023. The index increased as semi-finished steel demand and prices improved in today’s trading session.
In the morning trade in Mandi Gobindgarh, in northern India, steel ingots prices opened on a positive note, increasing by INR 400/t to INR 49,400/t. However, prices inched down later to INR 49,300/t at the time of reporting and price normalisation. Prices in almost all key markets increased by up to INR 600/t today.
Market movement is better as compared to the last trading session. However, trading in finished steel remained limited. As a result, liquidity issues persisted in the market.
“The semi-finished steel market in Mandi saw enough demand. This has led to an increase in prices,” sources informed.
“During the first half today, the market remained positive and moderate volumes of semi-finished steel were traded. However, in the second half buyers turned quiet,” a source said.
Snapshots of other markets
Alang: Ship-breaking melting scrap prices in Gujarat’s Alang market increased by INR 200/t d-o-d on 1 March, 2023. As per SteelMint’s assessment, HMS (80:20) prices stand at INR 39,000/t ex-yard. An uptick in semi-finished steel prices in yesterday’s trading session and active demand for scrap from the induction furnace steel mills in Bhavnagar, Gujarat, supported scrap offers.
Hyderabad: Today, prices of semis in south India’s Hyderabad market increased by INR 500/t to INR 49,000/t. Meanwhile, rebars prices increased by INR 500/t to INR 54,000/t. On the other hand, HMS 80:20 scrap prices increased by INR 300/t to INR 36,300/t DAP.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $450-$463 t (including freight, which equates to approximately INR 40,300/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,500/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 14,550/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – info@steelmint.com.
Leave a Reply