- Raw material prices dip by INR 100-200/t
- Semis, finished steel prices slide by INR 200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined slightly by INR 100/tonne (t) d-o-d to INR 36,100/t DAP on 21 February 2025. Scrap prices in the region dropped by INR 400-500/t on a weekly basis, as demand for finished steel remains weak.
Raw material price updates
In Mandi, sponge iron (CDRI) prices dropped by INR 100/t d-o-d to INR 30,500/t DAP. In Ludhiana, steel-grade pig iron prices dipped by INR 200/t to INR 36,800/t DAP.
Steel market overview
In Mandi Gobindgarh, steel ingot prices saw a minor decline of INR 200/t d-o-d to INR 42,000/t DAP, while semi-finished tags in major markets decreased by INR 50-300/t compared to the previous day. In the near term, ingot prices in Mandi are expected to range between INR 41,900 and INR 42,600/t.
Rebar (Fe500) prices in the region fell by INR 200/t to INR 46,800/t exw.
Overview of other markets
On 21 February, ship-breaking melting scrap prices in Alang, Gujarat, held steady d-o-d. Based on BigMint’s assessment, HMS (80:20) was priced at INR 32,700/t ex-yard. Trading activity for semi-finished and finished steel remained average, and moderate demand for scrap led suppliers to keep prices unchanged.
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 32,954/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 14,800/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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