SteelMint’s domestic steel scrap (end-cutting) index fell by INR 250/tonne (t) to INR 44,750/t DAP Mandi Gobindgarh on 13 October, 2022. Today, steel ingots prices in Mandi saw a marginal correction of INR 200/t d-o-d to stand at INR 50,500/t at the time of reporting and price normalisation.
The semi-finished and finished steel trade in the region remained way below the moderate levels, with only need-based purchases taking place. Moreover, liquidity issues also persisted in the market which made it difficult for smooth transactions to take place.
Market highlights
End-cutting and ingots spread: In Punjab, the spread between end-cutting scrap and ingots was unchanged at INR 5,500-5,700/t today.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $440-445/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 16,350/t.
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