India: SteelMint's scrap index up INR 200/t d-o-d amid limited demand for semis, finished
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SteelMint's domestic scrap (end-cutting) index edged up by INR 200/t d-o-d to INR 43,700/tonne (t) DAP Mandi Gobindgarh on 17 April, 2023. The index edged up as market saw limited demand in semi-finished and finished steel.
Steel ingot prices in Mandi rose by INR 200/t d-o-d to INR 49,000/t at the time of publishing this insight. Prices in almost all key markets rose in the range of INR 200-300/t today.
Limited orders for finished steel are currently being placed at Mandi Gobindgarh mills. In comparison to the last trading session. Ingots manufacturers also saw similar trends.
In Mandi Gobindgarh, the current conversion cost from scrap to steel ingots stood at INR 10,500/t.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap prices inched down by INR 200/t d-o-d in Gujarat's Alang on 17 April, 2023. HMS (80:20) prices were assessed at INR 39,700/t ex-yard. The market witnessed limited trading activity as a result of a fall in semi-finished steel prices by INR 100-200/t d-o-d in yesterday's trading session. This has dragged down scrap offers.
Jalna: There was moderate demand for TMT in Jalna today. In contrast, good booking volumes for finished steel were reported earlier today. Current scrap prices stood at 38,600-39,000/t DAP. Billet prices in Jalna stood at INR 48,100/t while rebar prices were assessed at INR 55,000/t ex-works.
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: Import melting scrap prices at Nhava Sheva Port were at around $433-$442/t,which equates to approximately INR 38,472/t(including freight).Local scrap (HMS 80:20) prices in Mumbai increased by INR 500/t d-o-d to INR 38,500/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 16,450/t.
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