Price[SMM Announcement] SMM to Launch Seven domestic steel Scrap India Price Assessments

Dear Customers,

To expand SMM’s coverage of the international steel scrap market and provide greater price transparency for participants in India’s domestic scrap trade, SMM will launch seven daily steel scrap price assessments on 25 August 2026.

The new assessments will reflect prevailing spot-market transaction levels for Mandi, Mumbai, Raipur, Chennai and Alang for HMS 1&2 (80:20), Melting scrap and P&S delivered and ex-yard Alang. The assessments will be based on information collected from suppliers, traders, steelmakers and other active market participants, including confirmed transactions, bids and offers that meet or can be normalized to SMM’s assessment specifications.

India is an important destination for domestic traded steel scrap to the Indian market. The new assessments will provide independent benchmarks for procurement negotiations, contract valuation, market analysis and risk management.
 

Details of the New Price Assessments

Assessment Specifications

• Assessment frequency: Daily on Indian working days
• Information-collection window: 13:00–14:00 India Standard Time
• Publication time: 15:00 India Standard Time
• Currency and unit: INR/tonne
• Minimum cargo size: 20 tonnes
• Shipment period:  Within 10-15 days, Prompt for Alang
• Payment terms: Settlement in Cash INR, or other standardized payment methods
• Tax basis: Exclusive of applicable taxes and duties

Heavy Melting Steel (HMS) 1&2 (80:20) is a heavy ferrous scrap grade comprising a nominal blend of 80% No. 1 HMS and 20% No. 2 HMS, conforming to the ferrous scrap specifications of the Recycled Materials Association (ReMA, formerly ISRI). No. 1 HMS (ISRI Codes 200–202) shall consist of wrought iron and/or steel scrap having a minimum thickness of 1/4 inch (6 mm). No. 2 HMS (ISRI Codes 203–206) shall consist of wrought iron and steel scrap, including black and galvanized steel, having a minimum thickness of 1/8 inch (3 mm). The material shall be free from non-ferrous metals, excessive rust, and non-metallic attachments, and is suitable for direct charging into steelmaking furnaces.

Plate and Structural (P&S) melting scrap recovered from ship dismantling at Alang (ISRI 231–232), consisting of structural mild-steel plate to IS 2062:2011, Grade E250, nominal thickness 12 mm. Indicative properties: yield strength (ReH) ≥250 MPa, tensile strength (Rm) ≥410 MPa. Chemical composition: Carbon (C) ≤0.22%, Manganese (Mn) 0.80–1.50%, Silicon (Si) 0.10–0.35%, Sulphur (S) ≤0.045%, Phosphorus (P) ≤0.045%, iron (Fe) balance. Free from alloys, non-ferrous metals and non-metallic attachments; suitable for charging into steelmaking (melting) furnaces.

SMM will prioritize confirmed arm’s-length transactions, followed by firm bids and offers and corroborated market indications. Reported information may be normalized for differences in origin, grade, destination port, quantity, shipment period and payment terms in accordance with the SMM price methodology.

The seven assessments will be published under International Steel Scrap from 25 August 2026.

SMM welcomes feedback from market participants regarding the new assessments.

                                                                                                                                                                                                                          Shanghai Metals Market (SMM)
                                                                                                                                                                                                                          Steel Research Team
                                                                                                                                                                                                                          21 August 2026