Shanghai Metals Market (SMM) has expanded its coverage of India’s ferrous scrap market with the launch of seven new daily domestic steel scrap price assessments.
The new assessments, introduced on 25 August, cover HMS 1&2 (80:20), melting scrap and P&S across key Indian locations including Mandi, Mumbai, Raipur, Chennai and Alang.
SMM said the new benchmarks are intended to improve price transparency in India’s domestic ferrous scrap market and provide market participants with additional reference points for procurement negotiations, contracts and risk management.
India‘s growth
The move comes as India continues to play an increasingly important role in the international ferrous scrap market, with steelmakers sourcing material from both domestic suppliers and overseas markets.
SSM says the new assessments are designed to provide a more detailed view of regional scrap prices, allowing buyers and sellers to compare values across different markets and locations.
The expansion into domestic Indian scrap pricing follows an earlier announcement of six new daily assessments for imported ferrous scrap delivered to India. Those assessments, due to begin on 31 August, will cover imported material on a CFR India basis, including scrap originating from the US and UK.
Diverse market
The introduction of separate domestic and imported assessments reflects the increasingly diverse nature of India’s scrap market. Domestic material competes alongside imported scrap, making reliable price information important for companies assessing the relative value of different grades and sources.
The launch represents a further expansion of SMM’s ferrous scrap price coverage and provides Indian market participants with additional daily reference prices at a time when international scrap flows and steelmaking economics remain closely watched.
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