SteelMint’s domestic steel scrap (end-cutting) index increased by INR 500/tonne (t) to INR 39,700/t DAP Mandi Gobindgarh on 24 Dec’21.
A similar hike in sponge iron and semi-finished steel prices along with an overall improvement in trade dynamics across regions kept scrap prices elevated.
However, demand for finished products remained slightly lower than the day before. No such immediate selling pressure in finished steel has been observed which could soften the near-term (scrap) price range.
Meanwhile, in a recent auction, the leading automaker Maruti, from its Gurugram facility, sold CR-trimming scrap at INR 42,099/t exw basis, lower by INR 620/t from the previous auction.
Today, 17 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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