India: SteelMint's scrap index rises INR 200/t despite sluggish steel market trends
SteelMint’s domestic steel scrap (end-cutting) index moved up by INR 200/t d-o-d to INR 39,300/t DAP Mandi Gobindgarh on 29 July, 2023. Scrap traders are operat...
SteelMint's domestic steel scrap (end-cutting) index moved up by INR 200/t d-o-d to INR 39,300/t DAP Mandi Gobindgarh on 29 July, 2023. Scrap traders are operating with very low volumes, and only need-based purchases have been recorded.
In Mandi, steel ingot prices inched up by INR 200/t to INR 44,400/t today at the time of reporting and price normalisation. Prices in almost all key markets increased by upto INR 500/t. The semi-finished steel market saw modest trade activity and the major mills were under selling pressure due to weak market sentiments.
Imported scrap market
The Indian imported scrap market observed nominal bookings, with offers for UK-origin shredded scrap at $406-415/t CFR Nhava Sheva/Mundra. Some distressed selling was evident as some traders offered even lower prices. Overseas sellers adopted a bullish stance following deals made by Turkiye.
Overview of other markets
Alang: Ship-breaking melting scrap prices in Alang, Gujarat, increased by INR 300/t d-o-d today. As per SteelMint's assessment, HMS (80:20) prices opened at INR 36,600/t exy. Semi-finished steel prices increased by INR 500/t in the region in the yesterday's trading session, coupled with moderate buying interest for scrap pushed suppliers to hike offers, sources informed.
Jalna: In today's Jalna market, the prices for semis, finished steel and HMS 80:20 are remained stable and assessed at INR 42,200/t, INR 47,000/t and INR 35,300/t respectively. During today's trading session, the market experienced slow trading activity in steel materials.
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 $382-$388/t, which equates to approximately INR 34,100/t (including freight). Local scrap (HMS 80:20) prices in Mumbai stood at INR 33,600/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at INR 13,850/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.
