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India: BigMint's scrap index rises INR 100/t d-o-d

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Melting Scrap

BigMint Bureau

95 Reads

7 Aug 2024, 18:33 IST

India: BigMint's scrap index rises INR 100/t d-o-d

Scrap market witnesses decent trade activity

Scrap prices in Alang down INR 500/t d-o-d

BigMint's domestic end-cutting scrap index tracking the Mandi Gobindgarh market rose by INR 100/t to INR 37,300/t ($444/t) DAP on 7 August 2024. Mills are procuring scrap on an as-needed basis, while the finished steel market witnessed range-bound trade activities today.

Raw materials

Sponge iron (CDRI) prices in Mandi increased by INR 200/t to INR 30,000/t. Meanwhile, pig iron (steel grade) prices in Ludhiana remained stable at INR 40,500/t DAP.

Steel market

In the Mandi region, steel ingot prices rose slightly up by INR 100/t to INR 42,200/t today during the price reporting and normalisation phase. Meanwhile, prices in other key markets witnessed a mixed trend today. The Muzaffarnagar steel markets saw a significant rise of INR 600/t in semis prices. In the Rourkela market, semi-finished steel prices remained stable at INR 37,200/t.

Overview of other markets

Alang : Ship-breaking melting scrap prices in Gujarat's Alang market fell by INR 500/t d-o-d on 7 August. HMS (80:20) prices were assessed at INR 34,200/t ($408/t) exy. Limited demand for semi-finished and finished steel was seen in the region during yesterday's trading session and restricted trade activity in scrap prompted suppliers to reduce their offers today.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread was at INR 4,800-5,000/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $386-$387/t, which equates to approximately INR 34,600/t (including freight), while local scrap, HMS (80:20), prices in Mumbai remained constant at INR 32,700/t, today.

Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 14,200/t.