BigMint is a Market Intelligence and Price Reporting firm that caters to the data and analytics requirements of businesses in the commodities sector. It publishes real time prices and information, which is impartial, independent and reliable, sourced from all industry interfaces – sellers, buyers, agents and traders. This data is filtered and passed through very stringent, calculative assessments before final prices are derived, thereby giving our clients accurate pricing.

Go to List

India: BigMint's ferrous scrap index decreases by INR 500/t ($6/t) - 24 June

...

Melting Scrap

BigMint Bureau

139 Reads

24 Jun 2024, 19:03 IST

India: BigMint's ferrous scrap index decreases by INR 500/t ($6/t) - 24 June

Mandi scrap prices fall by INR 2,300/t m-o-m

Raipur semis' market see a drop of INR 950/t d-o-d

BigMint's domestic end-cutting scrap index fell by INR 500/t to INR 38,400/t DAP in the Mandi Gobindgarh market on 24 June, 2024. Local buyers anticipated a continued decline in prices across all steel segments, with ingot prices dropping to INR 44,000/t. Additionally, scrap buyers faced challenges in procuring material at these lower prices as suppliers held onto their stock today. In the region, scrap prices dipped by INR 2,300/t on a m-o-m basis as prices touched a three-month low.

Raw materials

Sponge iron (CDRI) prices in Mandi dropped by INR 100/t to INR 31,200/t, while steel-grade pig iron prices in Ludhiana fell by INR 200/t to INR 40,000/t today. In response to sluggish demand from mills, suppliers lowered their offers prices in alternate raw materials.

Steel market

In Mandi Gobindgarh, the price of steel ingots decreased by INR 500/t to INR 44,000/t during the pricing normalisation period. Meanwhile, prices of semis in major markets experienced declines ranging from INR 300 to INR 950/t, with the Raipur steel market experienced the most significant decline, with prices dropping by INR 950/t. In the region, rebar(Fe500) prices decreased by INR 300/t to INR 49,000/t. Prices fell by INR 1,600/t w-o-w, attributed to the reduced pace of buying.

Overview of other markets

According to BigMint's assessment, ship-breaking melting scrap prices in Gujarat's Alang market fell by INR 700/t ($8.38/t) on 24 June 2024. HMS (80:20) prices were evaluated at INR 36,800/t ex-yard. The regional market experienced low demand for semi-finished and finished steel in yesterday's trading session. Additionally, restricted scrap trade activity caused suppliers to decrease their offers today. On a weekly basis, HMS (80:20) scrap prices dropped by INR 900/t.

Price highlights

End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at INR 5,600-5,700/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $390-$395/t, which equates to approximately INR 35,166/t (including freight), while local scrap-HMS (80:20)-prices in Mumbai fell by INR 300/t to INR 34,300/t. In India, indicative prices of shredded scrap from Europe stood at $415-$420/t CFR Nhava Sheva.

Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at INR 14,950/t.