- Sponge iron prices up by INR 100/t
- Semis, finished steel prices rise INR 100-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased marginally by INR 100/tonne (t) d-o-d to INR 36,200/t DAP on 20 February, 2025. Prices in the Mandi steel market stayed within a narrow range, showing only slight variations as buying activity in the region remained steady.
A mill owner informed, “Compared to yesterday’s trading session, today’s steel market in Mandi saw improved buying activity, which had been muted for the past three days. Semi-finished and finished steel prices increased by INR 100-300/t today”.
Raw material price updates
The price of sponge iron (CDRI) in Mandi rose by INR 100/t d-o-d to INR 30,600/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana remained steady at INR 37,000/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh rose by INR 100/t today, reaching INR 42,100/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 increased by INR 300/t to INR 47,000/t ex-works, amid average trading activity.
Overview of other markets
On 20 February, prices of ship-breaking melting scrap in Alang, Gujarat, showed no significant change. BigMint assessed HMS (80:20) at INR 32,700/t ex-yard. Semi-finished and finished steel prices were mostly unchanged d-o-d, and due to moderate trading in scrap suppliers maintained their offers without any adjustments.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $350-355/t, which equates to approximately INR 33,039/t (including freight). Local HMS (80:20) prices in Mumbai remained stable d-o-d at 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 14,600/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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