- Sponge iron prices dip by INR 100/t
- Finished steel prices inch down by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 38,100/tonne (t) DAP on 26 March 2025. Overall moderate demand was observed in the market during the trading session.
In the Mandi steel market, the first half of the trading session experienced a quiet period, with sellers reducing their prices by INR 100/t. During this time, ingot prices were recorded at INR 43,500/t. However, in the second half, a noticeable uptick in spot buying activity was observed. This surge in inquiries led to a price increase of INR 200/t, pushing up ingot prices to INR 43,700/t
A mill owner informed: “Mills continue to purchase domestic scrap in average quantities, as there has been no shortage of scrap in the market. Meanwhile, most large mills have maintained their regular production schedules. The market expects steel prices to remain range-bound, with ingot-billet prices staying steady between INR 43,500/t and INR 44,000/t in Mandi”.
Raw material prices
Prices of sponge iron (CDRI) in Mandi fell by INR 100/t to INR 31,700/t DAP, while steel-grade pig iron prices in Ludhiana dipped by INR 500/t to INR 39,500/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh remained steady d-o-d at INR 43,700/t DAP. Meanwhile, semi-finished steel prices in key markets decreased by INR 50/t-400/t.
In Mandi, rebar (Fe 500) prices decreased by INR 100/t to INR 48,400/t exw. Demand for finished steel remained moderate in the region.
Alang market
Prices of ship-breaking melting scrap in Alang, Gujarat, remained steady on 26 March, according to BigMint’s assessment. HMS (80:20) was recorded at INR 33,500/t ex-yard. Semi-finished and finished steel prices also held steady in the region amid moderate trade activity, prompting scrap suppliers to keep their offers 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 $364/t-$365/t, which equates to approximately INR 33,468/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 32,900/t DAP. Indicative prices of shredded from Europe stood at $387/t-$390/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 15,150/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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