India: BigMint's scrap index falls for third consecutive day
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BigMint's domestic steel scrap (end-cutting) index for Mandi Gobindgarh, Punjab, fell by INR 100/t to INR 40,800/t on a delivered-at-plant (DAP) basis. Steel prices in the region remained range-bound amid moderate trading activity.
In Punjab's steel market, significant decline in prices was observed, with scrap prices falling by approximately INR 1,000-1,300/t w-o-w.
Other raw materials such as sponge iron (CDRI) prices decreased by INR 200/t to INR 34,600 in Mandi, while pig iron (steel grade) prices remained stable at INR 42,000/t DAP Ludhiana.
Steel ingot prices in Mandi fell by INR 100/t to INR 46,500/t during the reporting and price normalisation period. Meanwhile, prices in various key markets exhibited a downturn ranging from INR 200/t-INR 500/t.
Rebar (Fe500) prices in the region dropped INR 200/t d-o-d to INR 51,200/t.
Alang market
On 24 April, ship-breaking melting scrap prices in Gujarat's Alang market experienced a slight decline of INR 100/t compared to the previous day, according to BigMint's assessment. HMS (80:20) prices stood at INR 36,500/t ex-yard. Meanwhile, semi-finished steel prices saw a decrease of approximately INR 100-200/t in the region, following moderate trade activities in scrap, prompting suppliers to adjust their offers.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billet spread was at INR 5,500-5,700/t.
Domestic vs. imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $400-$405/t, which equates to approximately INR 35,952/t (including freight), while local scrap-HMS (80:20) prices in Mumbai remained stable at INR 35,000/t d-o-d. In India, indicative prices for shredded scrap from Europe stood at $422-$426/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 stood at INR 14,000/t.
To see BigMint's melting scrap assessment, pricing methodology and specification documents, Click here
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