SteelMint domestic scrap index inches up by INR 200/t

SteelMint's domestic scrap (end-cutting) index inched up by INR 200/t d-o-d to INR 43,300/tonne (t) DAP Mandi Gobindgarh on 5 April, 2023. The index inched up amid limited demand for semi-finished and finished steel.

Today, steel ingots prices in Mandi edged up by INR 150/t d-o-d to INR 48,950/t at the time of publishing this insight. Prices in almost all key markets rose in the range of INR 100-200/t.

In comparison to yesterday's trading session, the market saw limited demand for finished steel. There was also scrap shortage.

In Mandi Gobindgarh, the current conversion cost from old scrap to ingots was INR 10,800/t.

Snapshots of other markets

Gujarat: Ship-breaking melting scrap prices in Gujarat's Alang market fell further by INR 500/t d-o-d today. HMS (80:20) prices opened at INR 40,000/t ex-yard. The semi-finished steel market was slow yesterday which coupled with limited trading in scrap prompted suppliers to reduce offers.

Chennai: The market was sluggish as a result of low demand for finished steel. In Chennai, prices of billets were assesed at INR 49,500/t while rebars prices stood at INR 54,500/t ex-work.

Price highlights

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

Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $433-$440 t (including freight), which equals to approximately INR 38,247/t. Local scrap - HMS (80:20) - prices in Mumbai stood at INR 38,000/t.

Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur was at INR 16,000/t.

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