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India: BigMint's ferrous scrap index rises by INR 800/t ($10/t)-12 July

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Melting Scrap

BigMint Bureau

131 Reads

12 Jul 2024, 18:38 IST

India: BigMint's ferrous scrap index rises by INR 800/t ($10/t)-12 July

Mandi continues to witness scrap shortage

Scrap prices in Alang rise INR 300/t d-o-d

BigMint's domestic end-cutting scrap index in the Mandi Gobindgarh market increased by INR 800/tonne (t) to INR 38,100/t DAP on 12 July, 2024. The scrap market witnessed an uptrend, with prices rising by INR 800-1,000/t across grades. The region continues to face shortage of scrap and liquidity problems.

Raw materials overview

Sponge iron (CDRI) prices in Mandi rose by INR 200/t to INR 30,200/t. Meanwhile, pig iron (steel grade) prices in Ludhiana moved up by INR 200/t to INR 41,000/t today.

Steel market trends

Steel ingot prices in Mandi Gobindgarh rose by INR 200/t to INR 43,600/t during the price reporting and normalisation phase. Meanwhile, prices of semis in other key markets experienced an increase, ranging from INR 100-800/t. In the Mandi steel market, there was an uptick in trade activity, particularly notable in the spot demand for semi-finished steel.

Overview of other markets

Alang: Ship-breaking melting scrap prices in Gujarat's Alang market inched up by INR 300/t d-o-d on 12 July, as per BigMint's assessment. HMS (80:20) prices were assessed at INR 35,300/t ($423/t) exy. Semi-finished steel prices increased by INR 100-300/t in the region during the late hours of yesterday's trading session. Additionally, decent buying inquiries for scrap prompted suppliers to raise their offers today.

Price highlights

End-cutting, billets spread: In Mandi, the end-cutting scrap and billets spread was at INR 5,500-5,800/t.

Domestic vs imported scrap market: Imported melting scrap prices at Nhava Sheva Port were at around $395-400/t, which equates to approximately INR 35,400/t (including freight). Local scrap, HMS (80:20), prices in Mumbai remained unchanged at INR 32,800/t DAP.

Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 13,750/t.