SteelMint’s domestic steel scrap (end-cutting) index is up by INR 100/t to INR 39,100/t DAP Mandi Gobindgarh.
A slight improvement in semi-finished steel prices has lifted scrap offers today, although prices remain range-bound.
A few induction furnaces claimed that scrap availability remains tight and steelmakers have not able to secure volumes.
Further, standalone re-rollers anticipate that the market would slide in the near term due to measured demand for finished steel.
Trade participants witnessed mixed sentiments and balanced demand and supply today. It is expected that the market may not witness any major changes in the near term owing to production cuts and landing costs are not viable from the surrounding markets.
Today, 15 sets of trades, indicative prices/bids/offers were recorded in the publishing window.
The Index also derives the HMS 80:20 scrap (Heavy, Med), and CR Sheet cutting prices traded in the region.
Scrap Grade and Spread Calculation: (Mandi Gobindgarh)
Prices in INR/t, DAP (Delivered at Plant)
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
What is SteelMint Indian scrap index – SteelMint’s assessment of Mandi scrap reflects the prices of different melting HMS grade generated and traded in the domestic market. SteelMint gathers and verifies information from buyers and sellers active in the physical spot market. The data obtained by SteelMint, are normalized for yield, dimensions, density, location and other terms of trade to the specifications.
Why this index? In order to bring more transparency in domestic scrap prices in India, we have adopted this robust methodology to ascertain the price trends.
Methodology – Market data, including deals, bids, and offers that meet the delivery and quality criteria are considered for price assessments. The highest importance in the price calculation process is assigned to confirmed deals (T1) where either a buyer or seller has provided details of the transaction. Deals of only reputed and trustworthy producers and trading firms are included in the price collection and calculation process. Indicative prices, confirmed bids and offers are also considered valuable for the pricing process (T2). The index has been calculated using an average of T1 and T2 price inputs.
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – info@steelmint.com.
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