SteelMint’s domestic steel scrap (end-cutting) index edged higher by INR 200/tonne (t) to INR 45,200/t DAP Mandi Gobindgarh on 4 October, 2022. In the second half of today’s trading session, surprisingly, semis’ prices increased despite low demand.
Steel ingots prices in Mandi Gobindgarh inched up by INR 200/t d-o-d to INR 50,700/t at the time of reporting and price normalisation. Scrap prices got some support after a rise in semis prices.
The domestic scrap market was largely inactive today because of the Durga Pooja festival. Some activities may resume post-holidays from 6 October.
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 $435-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,000/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 16,600/t.
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