SteelMint’s domestic scrap (end-cutting) index edged up by INR 250/t d-o-d to INR 42,550/tonne (t) DAP Mandi Gobindgarh on 24 March, 2023. The index rose slightly despite slowdown in trade activities even as liquidity issues persisted in the market.
Steel ingot prices in Mandi Gobindgarh rose by INR 50/t d-o-d to INR 48,150/t at the time of reporting. Prices in almost all the key markets increased by up to INR 100-200/t today. Bulk bookings were absent, though.
“Selling pressure continued in the Mandi market due to a lack fo demand for semis and finished steel,” a source informed.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap prices in Gujarat’s Alang market edged up by INR 200/t d-o-d on 24 March. As per SteelMint’s assessment, HMS (80:20) prices stand at INR 39,000/t exy. An increase in semi-finished steel prices in north India and active scrap buying by Bhavnagar-based induction furnace mills prompted suppliers to raise offers.
Hyderabad: Today, prices of semis in south India’s Hyderabad market were stable. Billet prices in Hyderabad stand at INR 47,000/t exw. Meanwhile, rebar prices fell by INR 300/t to INR 52,500/t exw. On the other hand, HMS 80:20 scrap prices are assessed at INR 36,500/t DAP.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at INR 5,000-5,500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $438-$455 t (including freight), which equates to approximately INR 39,706/t, while local scrap-HMS (80:20)-prices in Mumbai stood at INR 37,500/t DAP.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at INR 15,200/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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