SteelMint’s domestic steel scrap (end-cutting) index rose INR 250/tonne (t) to INR 44,650/t DAP Mandi Gobindgarh on 6 September, 2022.
Steel ingots prices in Mandi Gobindgarh also increased by INR 250/t d-o-d to INR 49,450/t at the time of reporting and price normalisation.
Scrap prices increased on account of the rise in semis prices, although trading in the semi-finished and finished steel markets remained quiet. Only offer prices were revised throughout the day.
Except for the Mandi and Raipur markets, all other domestic markets remain stable or saw prices dropping in the range of INR 500-800/t due to lack of steel demand.
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 $465-485/t (INR 37,900/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 40,200/t. The Mumbai-based mills and those in the nearby regions preferred to import scrap as domestic material remains costlier by around INR 1,000/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 14,550/t.
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