SteelMint’s domestic steel scrap (end-cutting) index rose INR 400/tonne (t) to INR 46,000/t DAP Mandi Gobindgarh on 14 September, 2022.
Steel ingot prices in Mandi Gobindgarh increased by INR 500/t d-o-d to INR 50,950/t at the time of reporting and price normalisation.
Indian steel producers, mainly in the northern region, are facing challenges in sourcing scrap. Buyers raised their bids to secure adequate volumes following a marginal rise in semi-finished steel prices.
Ship-breaking melting scrap prices in Gujarat’s Alang market increased further by INR 200/t d-o-d on 14 September 2022, as per SteelMint’s assessment. HMS (80:20) prices are assessed at INR 43,700/t exy.
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 $450-465/t while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,200/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 15,300/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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