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India: BigMint's ferrous scrap index falls by INR 600/t ($7.21/t) -- 9 April

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Melting Scrap

BigMint Bureau

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9 Apr 2024, 18:31 IST

India: BigMint's ferrous scrap index falls by INR 600/t ($7.21/t) -- 9 April

BigMint's ferrous scrap index on Tuesday showed a decline in domestic end-cutting scrap prices at Mandi Gobindgarh steel market, dropping by INR 600/t to INR 40,000/t for DAP (delivered at plant) basis. Throughout both halves of the trading session, scrap buyers in Mandi remained subdued, with hopes of further declines in scrap prices in the coming days. Sponge iron (CDRI) prices decreased by INR 100/t to INR 33,100/t DAP.

Semis' market

Steel ingot prices in Mandi decreased by INR 500/t compared to the previous day, reaching INR 45,600/t during the reporting period. Additionally, prices in other significant markets experienced declines ranging from INR 200/t to INR 600/t on the same day. Today, there was muted buying activity observed in both the semi-finished and finished steel markets, leading to a dip in steel prices.

Finished steel trend

In Mandi, rebar (Fe500) prices fell by INR 300/t to INR 50,700/t ex-work. The finished steel market witnessed a decline in prices across major key markets, with prices falling by approximately INR 100/t to INR 400/t today.

Overview of other market

Limited activity was observed in the Raipur steel market today, with prices experiencing a downturn. Both semi-finished and finished steel prices decreased by INR 300/t. Billet prices were assessed at INR 42,300/t, while rebar (Fe500) prices settled at INR 46,000/t.

Imported scrap market

Today, India's demand for imported scrap remained moderate amid buyer uncertainty amidst domestic market volatility. Shredded scrap offers from Europe ranged between $420-$425/t CFR, while HMS (80:20) offers stood at $385-$395/t CFR from West Africa and Europe.

NTP offers from Australia and the UK hovered around $430/t CFR Chennai. Offers for HMS (90:10) from the UK and Australia were at $408-$412/t CFR, and shredded scrap indicatives from Australia were at $425/t CFR.

Market participants noted that there were no major bulk arrivals at Chennai port, with small container bookings heard from the US, UK, and South America. Bulk HMS offers were at $395-$400/t CFR for West Coast India, while bulk shredded scrap ranged from $425-$430/t. Anticipating a potential drop in bulk prices if Turkiye remains stagnant, South Asian buyers like Bangladesh and Vietnam may opt for small to medium-sized bulk shipments.