India: SteelMint benchmark scrap index almost stable - 21 June

SteelMint's domestic steel scrap (end-cutting) index stood at INR 43,000/t DAP Mandi Gobindgarh, down marginally by INR 200/tonne on 21 June 2022.

Meanwhile, LMS (light melting scrap) prices were assessed at INR 38,200/t, HMS 80:20 at INR 40,900/t, and CR busheling at INR 44,800/t today.

Ingots prices in Mandi witnessed a slight correction of INR 200/t d-o-d to INR 48,300/t.

Semi-finished steel prices witnessed a correction in the first half of today due to rainfall in the region. However, in the second half, improved trading activity supported scrap suppliers to raise offers slightly but prices were still down d-o-d.

Shipbreaking melting scrap prices in Gujarat's Alang market decreased by INR 600/t d-o-d today, as per SteelMint assessment. HMS (80:20) prices were assessed at INR 39,600/t ex-yard.

Market highlights-

o End-cutting and ingot spread: The spread between end-cutting scrap and ingots lowered to INR 5,200-5,500/t today from INR 6,000/t last week.

o Domestic and imported scrap price gap: In Mumbai, imported melting scrap (HMS 80:20) of Dubai-origin is being traded at $400/t CNF (INR 31,200/t) Nhava Sheva, a fall of $45/t from last week.

o Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at around INR 15,200/t today.

To see SteelMint's Melting Scrap Assessment, pricing methodology and specification documents, Click Here

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact - info@steelmint.com.