- Sponge iron prices increase by INR 100/t
- Finished steel prices down INR 100/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d at INR 37,800/t DAP on 8 April 2025. The Mandi steel market experienced weak subdued but most mills expect a rebound in the near term as the market recovers from low prices.
A mill owner based in the region said, “Domestic scrap arrivals from neighbouring states in Mandi are strong, but due to a slight price difference, Mandi mills are also purchasing imported scrap. With a range-bound price trend expected in steel, major mills are operating at full production capacity.”
Raw material prices
Prices of sponge iron (CDRI) in Mandi increased by INR 100/t d-o-d to INR 32,100/t DAP, while steel-grade pig iron prices in Ludhiana remained stable at INR 39,000/t DAP.
Steel market overview
Steel ingot prices in Mandi increased slightly by INR 100/t d-o-d, reaching INR 43,600/t DAP. Meanwhile, semi-finished steel prices in major markets dropped by INR 100-200/t.
Prices for rebar (Fe 500) in Mandi dropped by INR 100/t to INR 48,600/t exw, and HR strip (patra) prices also fell by INR 100/t to INR 45,500/t exw. The market experienced a slight decline in prices, with overall trade activity being average.
Overview of others market
Raipur: The steel market in Raipur on 8 April remained slightly volatile with price fluctuations. This came after participants had already witnessed sharp corrections of around INR 500-600/t in both semi-finished and finished steel prices the previous day. Despite fewer offers in the spot market, buying activity remained limited and largely need-based. Market participants adopted a cautious approach, opting to wait for further clarity before making any major procurement decisions. Billet prices in the region rose by INR 100/t to INR 41,600/t exw, while rebar (Fe500) prices fell by INR 100/t to INR 45,600/t exw.
Alang: Prices for ship-breaking melting scrap in Alang, Gujarat, dropped for the third day in a row, falling by INR 100/t d-o-d on 8 April. HMS (80:20) is now at INR 34,700/t ex-yard. A noticeable drop in demand for semi-finished and finished steel products in the region further slowed scrap transactions, leading suppliers to lower their offers.
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 $360-365/t, which equates to approximately INR 33,648/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 33,300/t DAP. Indicative prices of shredded from Europe stood at $380-$388/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 15,500/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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