SteelMint’s domestic steel scrap (end-cutting) index decreased by INR 300/tonne (t) to INR 41,000/t DAP Mandi Gobindgarh on 5 November, 2022.
Today, steel ingots prices in Mandi saw a marginal correction of INR 400/t d-o-d to INR 46,900/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.
Shipbreaking melting scrap prices declined further by INR 500/t d-o-d in Gujarat’s Alang market, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 38,000/t ex-yard.
Market highlights–
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread remained unchanged today at INR 5,500-5,800/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $405-410/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,300/t.
Raipur sponge iron-billets spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 14,200/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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