SteelMint’s domestic scrap index remained stable throughout the day as the market fluctuated in the range of INR 300/tonne, while end-user demand for steel continued to remain limited. The index has remained stable for six consecutive days.
Prices of steel ingots in Mandi Gobindgarh opened on a positive note in today’s morning trade, but ended at their previous levels in the second half.
Domestic semis and finished products prices have improved by 200-500/t, but that has had no effect on scrap prices. The demand for steel is still below moderate.
Scrap prices remained under pressure in the domestic market due to the arrival of 200,000 t of bulk scrap at Indian ports this month. Around 1.5 mnt of scrap is expected to arrive by the end of October.
Market highlights:
End-cutting and ingot spread: In Mandi, the end-cutting scrap and ingot spread remained 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 16,600/t.
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