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India: SteelMint's scrap index drops tracking correction in semis prices

SteelMint’s domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 46,900/t DAP Mandi Gobindgarh on 30 July, 2022. Meanwhile, LMS (light meltin...

Melting Scrap
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30 Jul 2022, 17:29 IST
India: SteelMint's scrap index drops tracking correction in semis prices

SteelMint's domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 46,900/t DAP Mandi Gobindgarh on 30 July, 2022.

Meanwhile, LMS (light melting scrap) prices are assessed at INR 42,000/t, HMS 80:20 at INR 44,700/t, and CR busheling at INR 48,200/t.

Ingots prices in Mandi witnessed a downward correction of INR 300/t d-o-d to INR 52,200/t at the time of reporting.

There is scrap shortage in the market which has limited any major fall in ingot prices. However, if scrap availability improves, a sharp correction of around INR 1,000-1,500/t in ingot prices is expected.

In Gujarat's Alang market, ship-breaking melting scrap prices remained almost stable today. HMS (80:20) prices are assessed at INR 43,400/t (+100) exy.

Market highlights-

End-cutting and ingot spread: The spread between end-cutting scrap and ingots remains stable at INR 6,000/t this week.

Domestic and imported scrap price gap: Imported and domestic scrap prices are at par. West africa-origin imported melting scrap prices at Nhava Sheva Port stood at around $450/t while local scrap HMS(80:20) in Mumbai was assessed at INR 41,500/t FoR.

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 14,600/t.

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

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact - info@steelmint.com.

 

30 Jul 2022, 17:29 IST

 

 

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