- Other raw material prices jump 200/t
- Semis prices up slightly by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, marginally increased by INR 100/tonne (t) d-o-d to INR 36,700/t DAP on 13 February, 2025. Overall, the Mandi steel market remained range-bound, experiencing only marginal price fluctuations due to steady buying activity in the region.
A mill owner informed, “Himachal steel mills are facing continuous losses due to the increase in electricity prices, and now the mills are operating at only 30%-40% of their production capacity. Furthermore, labor and transportation costs in Himachal are higher due to the region’s mountainous terrain. Scrap suppliers for Himachal are diverting their routes to the Mandi and Ludhiana region, and there is no shortage of scrap whatsoever”.
Imported scrap deal
A steel maker from Ludhiana booked 1,000 t of PNS scrap at $370/t CFR West Coast.
Raw material price updates
The price of sponge iron (CDRI) in Mandi rose by INR 200/t day-on-day to INR 30,500/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana climbed to INR 36,000/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh rose by INR 100/t today, reaching INR 42,500/t DAP. Meanwhile, semi-finished steel prices in major markets increased by INR 100-300/t compared to the previous day.
Rebar (Fe 500) prices in the region held steady at INR 47,100/t exw.
Overview of Alang market
The prices of ship-breaking melting scrap in Alang, Gujarat, remained stable on 13th February 2025. As per BigMint’s analysis, HMS (80:20) was priced at INR 33,000/t ex-yard. Semi-finished and finished steel prices also showed little fluctuation in yesterday’s trading, and the moderate demand for scrap encouraged suppliers to keep their offers steady.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,500-5,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $358-360/t, which equates to approximately INR 33,517/t (including freight). Local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $375-$380/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 14,450/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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