The domestic steel scrap (end-cutting) index improved by INR 100/t to INR 45,500/t DAP Mandi Gobindgarh on 10 October, 2022 as the market fluctuated in the range of INR 200/tonne today.
In today’s morning trade in Mandi Gobindgarh, steel ingots prices opened stable but saw an improvement later on in the day, reaching up to INR 51,300/t.
In Mandi and Ludhiana, furnace owners have plans to increase the conversion margin by INR 500/t. Semis prices are more or less stable all over India except Chennai where prices have increased by INR 1,000/t to INR 51,000/t DAP. In Gujarat’s Alang market, shipbreaking melting scrap prices remained stable today, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 42,800/t exy.
Market highlights–
End-cutting and ingots spread: In Mandi, the spread between end-cutting scrap and ingots was unchanged today at INR 5,500-5700/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $430-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,600/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 16,700/t.
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