India: SteelMint's benchmark scrap index down marginally on fall in semis prices- 6 July
SteelMint’s domestic steel scrap (end-cutting) index stood at INR 45,700/t DAP Mandi Gobindgarh, down slightly by INR 150/tonne (t) d-o-d on 6 July, 2022. The ind...
SteelMint's domestic steel scrap (end-cutting) index stood at INR 45,700/t DAP Mandi Gobindgarh, down slightly by INR 150/tonne (t) d-o-d on 6 July, 2022. The index has been almost stable since 1 July with a minor correction of INR 200 (+/-).
LMS (light melting scrap) prices were assessed at INR 40,500/t, HMS 80:20 at INR 43,000/t, and CR busheling scrap at INR 47,200/t today.
Steel ingots prices in Mandi witnessed a slight correction of INR 200/t d-o-d to INR 51,500/t.
However, some good volumes of finished steel sales were reported in today's trading session in western India, particularly in Mumbai and Jalna.
Shipbreaking melting scrap prices in Gujarat's Alang market also remained stable on 6 July. HMS (80:20) prices are assessed at INR 41,400/t exy. Prices are stable due to soft trading activity with the onset of monsoon.
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: In Mumbai, imported melting scrap (HMS 80:20) in containers of Dubai-origin was traded at $440/t CNF (INR 34,800/t) Nhava Sheva. Mills in Mumbai and those in the nearby regions are preferring to import scrap because domestic material is costlier by around INR 4,000-4,800/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur increased by INR 100/t d-o-d to INR 15,900/t.
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