SteelMint’s domestic steel scrap (end-cutting) index rose INR 200/tonne (t) to INR 45,200/t DAP Mandi Gobindgarh on 10 September, 2022.
The index rose as semi-finished steel demand improved in today’s session. But finished steel demand remained low.
Steel ingots prices in Mandi Gobindgarh increased by INR 350/t d-o-d to INR 50,250/t at the time of reporting and price normalisation.
Almost all domestic markets have remained stable or have improved by 200-300 INR/t today.
Market highlights
End-cutting and ingot spread: In Mandi, the end-cutting scrap and ingot spread remained unchanged today at INR 5,800-6,000/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $455-470/t (INR 39,600/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 40,000/t. The Mumbai-based mills and those in the nearby regions preferred to import scrap as domestic material remains costlier by around INR 300/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 14,950/t.
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