SteelMint’s domestic scrap (end-cutting) index edged down by INR 200/t d-o-d to INR 43,000/tonne (t) DAP Mandi Gobindgarh on 17 March, 2023. Liquidity issues persisted in the market, which made it difficult for smooth transactions to take place.
Steel ingots prices in Mandi Gobindgarh inched down by INR 300/t d-o-d to INR 48,650/t. Prices in almost all key markets decreased by up to INR 100/t today. Bulk bookings were absent in the Mandi market.
Imported scrap arrivals caused domestic scrap prices to fall, a source informed.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap prices remained stable d-o-d in Gujarat’s Alang market on 17 March. As per SteelMint’s assessment, HMS (80:20) prices stand at INR 39,000/t exy. Steady semi-finished steel prices in Bhavnagar and moderate buying inquiries for scrap in yesterday’s trading session prompted suppliers to keep offers stable.
Raipur: Prices of semis and scrap increased in today’s trading session as a result of some improvement in finished steel trade and prices. Rebar prices in Raipur are at INR 53,600/t exw, while HMS(80:20) scrap is assesed at INR 39,200/t DAP.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $445-$455 t (including freight), which equates to approximately INR 39,800/t, while local scrap – HMS (80:20) – prices in Mumbai fell by INR 500/t d-o-d INR 38,500/t DAP.
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 14,700/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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