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India: BigMint's scrap index witnesses marginal decrease of INR 200/t ($2.40/t)- 4 June

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Melting Scrap

BigMint Bureau

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4 Jun 2024, 18:57 IST

India: BigMint's scrap index witnesses marginal decrease of INR 200/t ($2.40/t)- 4 June

Market witnesses lacklustre trade following election results

Prices of semis in other major markets witness a decline

BigMint's domestic end-cutting scrap index in the Mandi Gobindgarh market decreased by INR 200/tonne (t) to INR 41,700/t DAP on 4 June, 2024. Today, the market experienced lacklustre trading following the voting outcome which silenced buyers. Sellers, on the other hand, are optimistic about potential positive developments in the near future, leading to a majority of them holding onto their materials in today's market.

Raw material prices

Sponge iron (CDRI) prices remained stable at INR 35,200/t, while steel grade pig iron prices in Ludhiana increased by INR 200/t to INR 43,200/t DAP today.

Steel market overview

Steel ingot prices in Mandi Gobindgarh fell by INR 300/t to INR 47,400/t during the price reporting and normalisation phase. On the other hand, prices of semis in other major markets witnessed a decline in the range of INR 200-500/t. The Mumbai steel market witnessed a significant drop of around 500/t today.

In Mandi, rebar (Fe500) remained unchanged at INR 52,400/t today.

Overview of other markets

Durgapur: The market remained sluggish due to weak demand for long steel and volatile raw material prices.This week, semis' prices stayed within a narrow range, with finished steel demand in eastern regions continuing to be insufficient. Billet prices experienced a notable decrease of INR 700/t, reaching INR 44,100/t, while rebar (Fe500) prices dropped by INR 400/t to INR 47,800/t d-o-d.

Price highlights

End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at INR 5,600-5,700/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $390-$400/t, which equates to approximately INR 35,599/t (including freight), while local scrap-HMS (80:20)-prices in Mumbai decreased by INR 200/t to INR 36,500/t d-o-d. In India, indicative prices of shredded scrap from Europe stood at $415-$420/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 16,500/t.