SteelMint’s domestic steel scrap (end-cutting) index rose by INR 400/t to INR 38,900/t DAP Mandi Gobindgarh on 26 November, 2022.
In morning trade today in Mandi Gobindgarh, north India, steel ingots prices opened on a positive note at INR 44,500/t but inched down later in the day to INR 44,000/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.
Snapshots of other markets–
Alang: Ship-breaking melting scrap prices in Gujarat’s Alang market increased by INR 800/t d-o-d, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 37,000/t exy. Prices rose sharply during yesterday’s trading session and due to moderate buying enquiries for semi-finished steel, scrap suppliers got the required support to keep offers on the higher side today.
Chennai: Today, Chennai steel and scrap prices remained stable as demand still remains limited.
Market highlights–
End-cutting and billet spread: In Mandi, the end-cutting scrap and billet spread is around at INR 6,000-6500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $370-378/t (including freight, which comes to approximately INR 33,100/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 33,600/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 12,600/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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