SteelMint’s domestic steel scrap (end-cutting) index rose by INR 400/t to INR 42,600/t DAP Mandi Gobindgarh on 17 December, 2022.
In morning trade today in Mandi Gobindgarh, north India, steel ingots prices opened on a positive note and reached up to INR 47,800/t but inched down later in the day to INR 47,600/t at the time of reporting and price normalisation.
Scrap prices got some support with a rise in semi-finished steel prices but liquidity issues persisted in the market.
“During the first half of the day, the market was on a positive note and a moderate volume was traded in semi-finished steel, but in the second half, buyers turned silent,” a market source said.
Snapshots of other markets-
Alang: Ship-breaking melting scrap prices in Gujarat’s Alang market increased by INR 400/t d-o-d on 17 December. HMS (80:20) prices are assessed at INR 38,100/t exy. Moderate buying in the semi-finished steel segment along with improved market sentiments in the late hours of the last trading session nudged scrap suppliers to increase their offers today.
Hyderabad: In southern India-based Hyderabad market, billets prices improved by INR 500/t to INR 46,500/t while rebars prices edged up by the same quantum to INR 51,500/t. Meanwhile, HMS 80:20 prices remained stable at INR 35,500/t DAP.
Price highlights–
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,200/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $420-422/t (including freight, it comes to approximately INR 36,900/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,000/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 13,500/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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