- Sponge iron prices remain stable d-o-d
- Semis, finished steel prices up INR 100-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market increased by INR 200/t to INR 38,500/t DAP on 2 April 2025.
The Mandi steel market saw an uptick in spot demand for semi-finished steel during the second half of the trading session, prodding scrap suppliers to increase their prices today. Additionally, demand for finished steel remained moderate in the region, with mills expecting ingot and billet prices to stay range-bound between INR 43,500 and INR 44,500/t DAP.
The conversion spread from scrap (LMS) to ingot increased by INR 100/t today to INR 11,500/t.
Raw material prices
Prices of sponge iron (CDRI) in Mandi remained unchanged day-on-day at INR 32,300/t DAP, while steel-grade pig iron prices in Ludhiana fell by INR 39,300/t DAP.
Steel market overview
Prices of steel ingots in Mandi Gobindgarh increased by INR 300/t d-o-d to INR 44,300/t DAP, whereas semi-finished steel prices in key markets grew by INR 100-300/t.
Rebar (Fe 500) prices in Mandi inched up by INR 100/t to INR 49,000/t exw, while HR strip (patra) prices remained steady at INR 46,200/t exw. The finished steel market observed steady demand, though trading slowed in comparison to yesterday.
Overview of other markets
In western India’s Jalna market, HMS (80:20) scrap prices rose by INR 300/t to INR 33,300/t. Billet and rebar prices also saw an uptick, with billets reaching INR 44,100/t and rebar (Fe500) INR 49,600/t. The trading session today reflected increased activity in both semi-finished and finished steel. Scrap supply has improved following slower supply seen during the Eid and Gudi Padwa festivals.
On 2 April, Alang’s ship-breaking melting scrap prices rose by INR 400/t, with HMS (80:20) priced at INR 35,200/t ex-yard, according to BigMint data. Semi-finished and finished steel prices also moved up by INR 300-500/t. Increased inquiries for scrap led suppliers to adjust their offers upward.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $365-367/t, which equates to approximately INR 33,560/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 33,400/t DAP. Indicative prices of shredded from Europe stood at $390-395/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 15,850/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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