SteelMint’s domestic steel scrap (end-cutting) index stood at INR 45,850/t DAP Mandi Gobindgarh on 5 July 2022, up slightly by INR 200/t.
LMS (light melting scrap) prices were assessed at INR 40,400/t, HMS 80:20 at INR 42,900/t, and CR busheling scrap at INR 48,000/t today.
Although the market was largely silent, scrap prices remained supported by some improvement in semi-finished steel prices. Steel ingots prices in Mandi witnessed a slight recovery of INR 300/t d-o-d to settle at INR 51,700/t today.
Shipbreaking melting scrap prices in Gujarat’s Alang market increased by INR 600/t d-o-d, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 41,400/t ex-yard. Hike in semi-finished steel prices in yesterday’s trading session and moderate buying interest for scrap by the induction furnace mills at Bhavnagar, Gujarat, prompted suppliers to hike their offers, sources informed.
Market highlights-
End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,500-5,700/t.
Domestic and imported scrap price gap: In Mumbai, imported melting scrap (HMS 80:20) of Dubai-origin in containers was traded at $435/t CNF (INR 34,300/t) Nhava Sheva. Mills in Mumbai and those in the nearby regions are preferring to import scrap because domestic material is costlier by around INR 4,000-4,800/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur decreased by INR 200/t d-o-d to INR 16,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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