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India: SteelMint scrap index falls tracking correction in steel prices

SteelMint’s domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 47,200/t DAP Mandi Gobindgarh on 15 July, 2022. LMS (light melting scrap) pr...

Melting Scrap
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15 Jul 2022, 19:23 IST
India: SteelMint scrap index falls tracking correction in steel prices

SteelMint's domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 47,200/t DAP Mandi Gobindgarh on 15 July, 2022.

LMS (light melting scrap) prices are assessed at INR 42,100/t, HMS 80:20 at INR 44,600/t, and CR busheling at INR 48,700/t.

Ingots prices in Mandi witnessed a downward correction of INR 500/t d-o-d to settle at INR 53,000/t at the time of reporting and price normalisation.

Overall, the semi-finished and finished markets remained quiet. Only offer prices were revised throughout the day, while sellers adopted a wait-and-see posture.

SteelMint assessment of HMS (80:20) prices in Gujarat's Alang is at INR 43,500/t exy, but for rolling material there has a correction of approximately INR 300-500/t. The semi-finished market is expected to decline by INR 500/t in the near term, market participants informed.

Market highlights-

End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,500-5,700/t.

Domestic and imported scrap price gap: Yesterday, the price of scrap HMS 1&2 (80:20) in containers edged down by $5-10/t. A current offer for West Africa-origin material is being offered at $458/t CNF Nhava Sheva. Scrap from Dubai is being offered at $473/t, while Europe-origin scrap is being offered at $460/t CNF Nhava Sheva. Scrap imports are preferred by Mumbai-based mills and those in the nearby regions because domestic scrap is expensive by about INR 4,000-5,000/t per tonne.

Raipur sponge iron-billet spread: A decrease of INR 200-300/t was recorded in Raipur's DRI conversion spread (margins) to steel billets on a daily basis, which is estimated at approximately INR 14,900-15,000/t.

To see SteelMint's Melting Scrap Assessment, pricing methodology and specification documents,Click here

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15 Jul 2022, 19:23 IST

 

 

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