SteelMint’s domestic steel scrap (end-cutting) index stood at INR 48,600/t DAP Mandi Gobindgarh on 4 August, 2022, up by INR 700/t d-o-d.
LMS (light melting scrap) prices stood at INR 43,400/t, HMS 80:20 at INR 45,900/t, and CR busheling scrap at INR 49,700/t today.
The conversion spread (margins) of old scrap to induction furnace (IF)-route steel ingot declined by 500/t to INR 10,500/t d-o-d basis from INR 11,000/t in the previous day.
The scrap market witnessed minor price corrections in some regions, including Gujarat and Maharashtra, but remained stable in other regions as in the east, central, and the southern parts of the country.
Ship-breaking melting scrap prices declined by INR 200/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 44,000/t ex-yard today.
Market highlights-
End-cutting and ingot spread: The end-cutting scrap and ingot spread shrunk by INR 100/tonne (t) to INR 5,900/t today.
Domestic and imported scrap price gap: In Mumbai, melting scrap price imported from West Africa (HMS 80:20) was assessed at $450/t on yesterday’s session. Mumbai-based mills and those in nearby regions prefer booking imported scrap because domestic material is costlier by about INR 4,000-5,000/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at INR 14,650/t.
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