SteelMint’s domestic steel scrap (end-cutting) index remained stable at INR 42,300/t DAP Mandi Gobindgarh on 23 March, 2023. Today in Mandi, the market for semis and finished steel was weak. Moreover, the liquidity issue presisted.
Steel ingots prices in Mandi were up by INR 150/t d-o-d at INR 48,100/t at the time of reporting and price normalisation. Prices in almost all key markets increased by up to INR 150-200/t today.
Due to limited trading activity and mounting selling pressure, Mandi’s major mills were focusing on clearing their inventory as of March, sources informed SteelMint.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap (HMS 80:20) prices remained steady d-o-d today at INR 38,800/t exy in Gujarat’s Alang market. Despite an increase in semi-finished and finished steel prices yesterday, not many deals were closed. However, scrap enquiries remained moderate at current prices, prompting suppliers to keep offers stable.
Jalna: In comparison to yesterday’s trading session, the semi-finished and finished steel markets saw moderate trading activity today. Billets prices in Jalna stood up at INR 47,800/t exw. Rebar prices were assessed at INR 54,900/t exw.
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-$450 t (including freight), which equates to approximately INR 39,207/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 14,950/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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