SteelMint’s domestic steel scrap (end-cutting) index stood at INR 48,600/t DAP Mandi Gobindgarh on 12 July 2022, up slightly by INR 100/t.
LMS (light melting scrap) prices were assessed at INR 43,500/t, HMS 80:20 at INR 46,000/t, and CR busheling scrap at INR 50,200/t today.
Although the market was largely silent, scrap prices remained supported by some improvement in semi-finished steel prices in the second half of the day. Steel ingots prices in Mandi witnessed a slight recovery of INR 300/t d-o-d to settle at INR 54,500/t today.
In Gujarat’s Alang market, ship-breaking melting scrap prices increased by INR 800/t d-o-d on 12 July. As per SteelMint assessment, HMS (80:20) ex-yard prices stand at INR 44,300/t.
Market highlights-
End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,500-5,700/t.
Domestic and imported scrap price gap: In Mumbai, melting scrap imported from West Africa (HMS 80:20) was traded yesterday at $468/t while Dubai scrap and European scrap were sold at $478/t and $470/t respectively. Mumbai-based mills and those in nearby regions prefer to import scrap because domestic material is costlier by about INR 4,000/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur decreased by INR 400/t d-o-d to INR 15,600/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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