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India: BigMint's scrap index rises amid moderate market activities

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Melting Scrap

BigMint Bureau

127 Reads

8 Apr 2024, 18:40 IST

India: BigMint's scrap index rises amid moderate market activities

On 8 April, 2024, the BigMint domestic steel scrap index (end-cutting) at Mandi Gobindgarh rose by INR 100/tonne (t) to INR 40,600/t DAP. This rise comes after a decline of INR 700-1,000/t was seen in yesterday's trading session. The scrap market remained stable today, with moderate demand observed from mills. Additionally, Mandi mills continued to face power cut issues over the last couple of days.

Sponge iron (CDRI) prices remained unchanged d-o-d at INR 33,200/t today.

"A significant increase in scrap prices was unfavourable for the domestic scrap market, as mills are increasingly turning their attention to imported materials. Some mills have already begun booking imported scrap due to the changing price levels, with imported options proving to be cheaper than domestic sources," a mill owner informed BigMint.

Steel ingot prices in Mandi Gobindgarh rose by INR 100/t to INR 46,100/t d-o-d, during the price normalization phase. Conversely, prices in several other markets saw an uptick, ranging from INR 100/t to INR 400/t.

Today, the finished steel market experienced moderate trade activity, with rebar (Fe500) prices holding steady at INR 46,600/t amid moderate buying activity. Steel producers are once again anticipating an increase in steel segment prices.

Imported scrap market

In India, inquiries for imported scrap have increased due to the limited availability of domestic scrap. However, buyers are exercising caution and seeking further clarity on pricing. Indicative offers for shredded scrap from Europe were evaluated at $418-420/t CFR, while HMS (80:20) from West Africa and Europe were assessed at $385-$395/t CFR.

Alang market

Ship-breaking melting scrap prices in Gujarat's Alang declined by INR 500/t d-o-d on 8 April, as per BigMint's evaluation. HMS (80:20) prices were recorded at INR 34,500/t ex-yard. In yesterday's trading session, semi-finished steel prices dropped, while finished steel prices were stable. Price disparities between buyers and sellers were evident in the Alang market.