- Sponge iron prices increase by INR 200/t
- Semi-finished tags rise INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, improved marginally by INR 200/tonne (t) d-o-d to INR 36,600/t DAP on 13 March 2025 amid moderate market sentiments. Mills expect the market to remain range-bound in the near term, as scrap and semi-finished steel prices showed no major fluctuations. W-o-w, prices remained almost stable in the region for both scrap and semi-finished steel.
A mill owner informed BigMint: “Punjab is currently experiencing a slowdown in project-based activities, with no major projects underway in the region, putting pressure on local mills. Mandi steelmakers are optimistic, expecting a shift in demand in the coming months, as some upcoming projects are expected to boost the market, bringing hope of better prospects.”
Raw material prices
Prices of sponge iron (CDRI) in Mandi improved marginally by INR 200/t d-o-d to INR 31,200/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana were stable at INR 38,800/t DAP.
In Mandi, 80-85% of the charge mix of steel manufacturers consisted of scrap and the remaining 15% was constituted by sponge iron.
Steel market overview
Steel ingot prices in Mandi Gobindgarh rose by INR 200/t d-o-d to INR 42,400/t DAP. Meanwhile, semi-finished steel prices in key domestic markets have remained stable.
Rebars (Fe 500) in Mandi Gobindgarh were also stable d-o-d at INR 46,900/t exw. Trade activity in rebars remained slow in the region.
Overview of other markets
Alang: Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 13 March. According to BigMint’s assessment, HMS (80:20) stood at INR 33,500/t ($385/t) ex-yard. In yesterday’s session, the region witnessed moderate trade activity in semi-finished and finished steel, along with steady buying interest for scrap. As a result, suppliers opted to maintain stable prices today.
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 $355-360/t, which equates to approximately INR 33,300/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 and US 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 14,850/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
Leave a Reply