- Sponge iron prices dip by INR 100/t
- Semi-finished tags drop by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 38,100/t DAP on 25 March 2025. Compared to the last two days, the Mandi market saw slower trade activity today, particularly in scrap procurement. Given that there was healthy availability of domestic scrap in the region, mills continued to focus on sourcing material from local suppliers. Additionally, both the semi-finished and finished steel markets experienced muted trading today.
A mill owner informed BigMint, “There is decent demand for HR strips (patra) in the Mandi steel market, while rebar (Fe500) activity remains moderate in the region. Demand from neighbouring states has also seen an improvement.”
Raw material prices
Sponge iron (CDRI) prices in Mandi decreased by INR 100/t d-o-d to INR 31,800/t DAP, while steel-grade pig iron prices in Ludhiana were up slightly by INR 50/t d-o-d to INR 39,800/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 43,700/t DAP. Meanwhile, semi-finished steel prices in other key markets decreased by INR 50-300/t d-o-d.
Rebar (Fe 500) prices in Mandi Gobindgarh remained stable d-o-d at INR 48,500/t exw.
Overview of Alang market
Alang, Gujarat, saw stable ship-breaking melting scrap prices on 25 March 2025, with HMS (80:20) priced at INR 34,500/t ex-yard, according to BigMint. The region experienced moderate trading for semi-finished and finished steel, as well as steady scrap buying interest. These factors led suppliers to maintain their prices.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,800/t.
Domestic vs. imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $358-360/t, which equates to approximately INR 33,054/t (including freight). Today, local HMS (80:20) prices in Mumbai remained steady d-o-d at INR 32,900/t DAP. Indicative prices of shredded from Europe stood at $385-387/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 15,200/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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