SteelMint's domestic scrap index stays flat, demand for finished steel increases
SteelMint’s domestic scrap index remained stable as the market fluctuated in the range of INR 300/tonne today. Some improvements in finished steel were recorded...
SteelMint's domestic scrap index remained stable as the market fluctuated in the range of INR 300/tonne today. Some improvements in finished steel were recorded in today's trading session, especially in the Mandi, Raipur, and Jalna markets.
In today's morning trade in Mandi Gobindgarh, steel ingots prices opened on a negative note but saw an improvement later on in the day, reaching INR 51,000/t subsequently.
In Mandi and Ludhiana, furnace owners plan to increase conversion margin by INR 500/t.
Scrap prices remained under pressure in the domestic market due to the arrival of 200,000 t of bulk imports at ports last month. Another 1.5 mnt of scrap is expected to arrive by the end of October.
Market highlights
End-cutting and ingot spread: In Mandi, the end-cutting scrap and ingots spread remained unchanged today at INR 5,500-5700/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $430-445/t, while local scrap - HMS (80:20) - prices in Mumbai were assessed at INR 39,500/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 16,800/t.
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