SteelMint’s domestic steel scrap (end-cutting) index rose by INR 200/t to INR 41,900/t DAP Mandi Gobindgarh on 03 November, 2022.
Today, steel ingots prices in Mandi saw a slight correction of INR 150/t d-o-d, falling to INR 47,600/t at the time of reporting and price normalisation.
In Mandi, the semi-finished and finished steel markets remained limited with only need-based purchases taking place, while tight supply of scrap and lack of offering by traders cause to improve scrap prices.
Liquidity issues also persisted in the market, which made it difficult for smooth transactions to take place.
Ship-breaking melting scrap prices declined further by INR 500/t d-o-d in Gujarat’s Alang market. HMS (80:20) prices are assessed at INR 39,500/t exy on 3 Nov’22.
Market highlights–
End-cutting and billet spread: In Mandi, the end-cutting scrap and billets spread remained unchanged today at INR 5,500-5800/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $410/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,000/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 14,300/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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