India: BigMint's scrap index up by INR 200/t amid improvement in semis' tags
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- Trades remain subdued amid Lohri festival
- Semi-finish, scrap prices up by INR 200/t
BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose slightly by INR 200/tonne (t) d-o-d to INR 36,700/t DAP on 13 January 2025. Due to the Lohri festival, market activity is expected to remain subdued, keeping prices within a stable range as the festive spirit prevails. The market is likely to experience a near-closure scenario in the second half of the trading session.
Raw material price updates
In Mandi, sponge iron (CDRI) prices remained stable d-o-d at INR 30,300/t DAP. Meanwhile, pig iron (steel-grade) in Ludhiana slipped by INR 100/t to INR 35,700/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh marginally increased by INR 200/t to INR 42,000/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices were up by INR 100-500/t d-o-d.
Rebar (Fe 500) prices in Mandi Gobindgarh remained firm d-o-d at INR 46,500/t exw. Overall trade activity remained subdued due to the Lohri festivities, with buyers staying silent.
Overview of Alang market
Melting scrap prices in Alang, Gujarat, were stable on 13 January but dropped by INR 1,000/t w-o-w, per BigMint's data. HMS (80:20) stood at INR 33,000/t ex-yard. Consistent demand for steel and balanced trade kept suppliers' offers unchanged.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread was at INR 5,300-5,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $355-360/t, which equates to approximately INR 33,415/t (including freight). Local HMS (80:20) in Mumbai remained stable at INR 32,000/t DAP. Indicative prices of shredded from Europe stood at $375-$380/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 14,600/t.
To check BigMint's melting scrap assessment, pricing methodology, and specification documents, click here.