SteelMint’s domestic steel scrap (end-cutting) index stood at INR 48,100/t DAP Mandi Gobindgarh on 2 August, 2022, up slightly by INR 550/t d-o-d.
LMS (light melting scrap) prices were assessed at INR 43,200/t, HMS 80:20 at INR 45,900/t, and CR busheling scrap at INR 49,500/t today.
Although the finished steel market was largely silent, scrap prices remained supported by the recovery in semi-finished steel prices throughout the day. Steel ingots prices in Mandi witnessed a slight uptick of INR 650/t d-o-d to settle at INR 53,200/t on 2 August.
In Gujarat’s Alang market, ship-breaking melting scrap prices remained stable today. SteelMint assessed HMS (80:20) prices at INR 43,800/t exy.
Market highlights-
- End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 6,000/t.
- Domestic and imported scrap price gap: In Mumbai, melting scrap imported from West Africa (HMS 80:20) was traded 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.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents,Click here
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