SteelMint: Domestic steel scrap index recovers on rise in demand for semis

The domestic steel scrap (end-cutting) index improved by INR 200/t to INR 45,400/t DAP Mandi Gobindgarh on 27 September, 2022.

A sizeable quantity of trades were recorded in northern and central India for semi-finished and finished steel.

The market is expected to remain rangebound in the near future, according to market participants.

Steel ingots prices in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 50,700/t at the time of reporting and price normalisation.

Shipbreaking melting scrap prices in Gujarat's Alang have increased by INR 200/t d-o-d. HMS (80:20) prices are assessed at INR 41,200/t exy.

Market highlights

End-cutting and ingot spread: In Mandi, the end-cutting scrap and ingot spread remained unchanged today at INR 5,700/t.

Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $440-450/t, while local scrap - HMS (80:20) - prices in Mumbai were assessed at INR 39,000/t.

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 16,450/t.

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