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India: BigMint's ferrous scrap index drops by INR 300/t on muted market -22 Aug'24

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Melting Scrap
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22 Aug 2024, 18:21 IST
India: BigMint's ferrous scrap index drops by INR 300/t on muted market -22 Aug'24

  • Alternate raw material prices witness a drop d-o-d

  • Semis' prices decrease by INR 300/t today

BigMint's domestic end-cutting scrap index tracking the Mandi Gobindgarh market fell by INR 300/tonne (t) to INR 37,300/t DAP on 22 August, 2024. Demand for semi-finished and finished steel was low in the region. Scrap shortage has enabled suppliers to capitalise on the situation, leading to significant disparities between buyers and sellers.

Raw materials overview

In Mandi, sponge iron (CDRI) prices remained stable and assessed at INR 30,000/t d-o-d. Simultaneously, pig iron (steel grade) prices in Ludhiana fell by INR 200/t to INR 39,800/t DAP.

Steel market

In the Mandi region, steel ingot prices dipped by INR 200/t to INR 41,900/t today during the price reporting and normalisation phase. Meanwhile, prices in other key markets decreased by INR 200/t to INR 400/t. Meanwhile, rebar (Fe500) prices in Mandi remained stable at INR 46,900/t.

Overview of other markets

In Alang's ship-breaking market, scrap prices dropped by INR 200/t on 22 August, 2024. According to BigMint, HMS (80:20) is priced at INR 34,200/t ex-yard. The previous day's trading session showed decreased demand for both semi-finished and finished steel. This, coupled with moderate trade activity in scrap, led suppliers to reduce their offers today. However, on a weekly basis, the price of HMS (80:20) scrap in Alang has increased by INR 800/t.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread was at INR 4,600-5,000/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $370-$375/t, which equates to approximately INR 33,600/t (including freight), while local scrap, HMS (80:20), prices in Mumbai fell by INR 400/t to INR 32,800/t.

Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 13,650/t.

To see BigMint'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 - support@bigmint.co

22 Aug 2024, 18:21 IST

 

 

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