SteelMint’s domestic steel scrap (end-cutting) index rose INR 200/tonne (t) to INR 45,600/t DAP Mandi Gobindgarh on 1 October 2022. The index rose as semi-finished steel demand and prices improved in today’s session.
Steel ingots prices in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 50,900/t at the time of reporting and price normalisation. Prices in almost all the key markets have remained stable or have edged up by INR 200-300/t today.
As a result of unpredictable market conditions, most players are in a wait-and-watch stance.
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 $438-448/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,500/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 16,800/t.
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