India: SteelMint's scrap index inches down on decline in semis prices - 8-Aug

SteelMint's domestic steel scrap (end-cutting) index fell by INR 100/tonne (t) to INR 47,100/t DAP Mandi Gobindgarh on 8 August, 2022 amid a drop in semis' prices.

Meanwhile, light melting scrap (LMS) prices were assessed at INR 42,100/t, HMS 80:20 at INR 44,600/t, and CR busheling at INR 48,400/t.

Steel ingot prices in Mandi witnessed a slight correction of INR 300/t d-o-d to INR 51,700/t at the time of reporting and price normalisation.

The market was mostly silent throughout the day but, in the second half, inquiries of scrap procurement began to flow, though sellers held on to the material in anticipation of a higher price.

Ship-breaking melting scrap prices declined further by INR 300/t d-o-d in Gujarat's Alang market, SteelMint's assessment shows. HMS (80:20) prices are assessed at INR 42,800/t ex-yard.

Market highlights :-

End-cutting and ingot spread: The spread between end-cutting scrap and ingots remained stable today at INR 5,500-5,700/t.

Domestic and imported scrap price gap: West Africa-origin imported melting scrap prices at Nhava Sheva Port stood at around $450/t while local scrap HMS(80:20) in Mumbai was assessed at INR 42,000/t FOR.

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

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

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