- Sponge iron prices dip by INR 100/t d-o-d
- Semis, finished prices down by INR 100/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 36,700/t DAP on 10 March 2025.
A mill owner informed BigMint, “In the Mandi steel market, minimal price fluctuations were observed last week across the semi-finished, finished steel, and scrap segments; today was the same. Mills expect the market to remain range-bound in the near term, with no significant price movements expected. Ingot prices are likely to remain within INR 42,000-42,800/t DAP.”
Raw material price updates
In Mandi, sponge iron (CDRI) prices dropped by INR 100/t d-o-d to INR 31,000/t DAP. In the Ludhiana region, pig iron (steel grade) prices rose due to restricted supply, amid limited offers from producers, and increasing input costs. Furthermore, stronger demand from local foundries contributed to the price surge.
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 42,500/t DAP. Meanwhile, semi-finished steel prices in key markets saw a decline of INR 100-400/t d-o-d.
Rebars (Fe 500) in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 47,000/t exw.
Overview of other markets
On 10 March 2025, ship-breaking melting scrap prices in Alang, Gujarat, held steady d-o-d for a third consecutive day. BigMint’s analysis indicates that HMS (80:20) was priced at INR 33,700/t ex-yard. Prices of semi-finished and finished steel also remained stable, with moderate trading observed in the previous session, leading scrap suppliers to maintain their current offers.
In the Chennai market, billet prices decreased by INR 200/t d-o-d to INR 43,300/t. Conversely, HMS (80:20) prices saw a marginal increase of INR 100/t d-o-d to INR 30,300/t. Rebar prices remained steady d-o-d at INR 47,000/t. Sources indicated that trading activity for finished steel was moderate, while scrap arrivals at mills were in line with current demand. With the Ramadan festival currently underway and the Holi festival approaching soon, a potential slowdown in scrap supply is expected in the coming days.
Auction update
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 33,196/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 32,400/t DAP. Indicative prices of shredded from Europe stood at $377/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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