SteelMint’s domestic steel scrap (end-cutting) index fell by INR 200/tonne (t) to INR 43,200/t DAP Mandi Gobindgarh on 20 October, 2022. Today, steel ingots prices in Mandi saw a slight correction of INR 200/t d-o-d, falling to INR 49,300/t at the time of reporting and price normalisation.
Trading in semi-finished and finished steel remained limited with only need-based purchases taking place. Also, liquidity issues persisted in the market, slowing down buying activity.
HR strip patra (148-200mm, 2mm thick) prices declined by INR 500/t to INR 50,500/t exw in Raipur, while prices dropped marginally by INR 100/t to INR 51,000/t in Mandi Gobindgarh, excluding GST at 18%.
Market highlights–
End-cutting and billet 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 $430-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 38,500/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 15,400/t.
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