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India: SteelMint's scrap index rises INR 200/t amid moderate trade in semis

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Melting Scrap
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10 Jun 2023, 17:06 IST
India: SteelMint's scrap index rises INR 200/t amid moderate trade in semis

SteelMint's India domestic steel scrap (end-cutting) index inched up by INR 200/t d-o-d to INR 42,900/t DAP Mandi Gobindgarh on 10 June, 2023. The Mandi market continued with moderate trade inquiries in semis and finished steel.

Semi's market trends

In Mandi today steel ingot prices edge up by INR 100/t to INR 47,800/t at the time of reporting and price normalisation. Prices in almost all key markets increased by INR 100/t. Today in Mandi, the market saw average trading in semi-finished steel, while scrap traders were busy delivering old bookings.

Weekly scenario of imported scrap

In India, the imported ferrous scrap market remained sluggish, with cautious buying interest seen due to the narrow price gap between domestic and imported scrap. However, there has been a slight m-o-m increase in imported scrap arrivals in May, indicating consistent supply.

SteelMint's assessment for EU-origin shredded scrap to India now stands at $443/t CFR Nhava Sheva, up a $10/t compared to the previous week.

Overview of other markets

Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 10 June. As per SteelMint's assessment, HMS (80:20) prices stood at INR 38,600/t exy. Despite limited buying inquiries for semi-finished and finished steel in yesterday's trading session, scrap offers remained supported by moderate demand amid supply concerns.

Jalna:Today's trading session reflects a limited level of demand for finished steel, as reported by market participants. In jalna Billet prices stood up at INR 45,200/t fell by INR 100/t d-o-d while rebar prices assessed at INR 51,800/t

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billets spread stood at INR 5,000-5,500/t.

Domestic/imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $419-$423/t, which equates to approximately INR 37,074/t (including freight). Local scrap (HMS 80:20) prices in Mumbai stood at INR 37,200/t DAP.

Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 15,800/t.

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.

10 Jun 2023, 17:06 IST

 

 

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