- Sponge iron prices rise by INR 200/t w-o-w
- Semis, finished dip by INR 400-500/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/t to INR 38,200/t DAP on 11 April 2025. On a weekly basis, prices decreased by INR 400/t.
The steel market is witnessing a steady upward trend, with Mandi ingot and billet prices currently expected to stay range-bound at INR 43,700/t-INR 44,500/t. This firming up is largely attributed to improved buying sentiment and consistent demand across key product segments.
A mill owner informed: “While a minor price correction may follow the recent increase, the overall outlook remains positive, especially with strong demand anticipated ahead of the rainy season. Product-wise, the TMT and HR strip (patra) markets are showing steady performance with gradual improvements, reflecting stable consumption patterns. In addition, the wire rod market has picked up pace, performing noticeably better compared to the last two months.”
Raw material prices show mixed trend
Sponge iron (CDRI) prices in Mandi remained stable at INR 32,500/t DAP on a d-o-d basis, while showing a slight weekly increase of INR 200/t.
In Ludhiana, steel-grade pig iron saw a d-o-d price increase of INR 50/t to INR 39,000/t DAP, although prices are still down by INR 300/t on a weekly basis.
Steel market overview
Steel ingot prices in Mandi increased by INR 100/t d-o-d to INR 44,000/t DAP at the time of price normalisation. Meanwhile, semi-finished steel prices in major markets rose by INR 100-200/t. Semi-finished prices in the region decreased by INR 400/t w-o-w.
Prices of rebar (Fe 500) in Mandi moved up by INR 100/t to INR 48,900/t exw, while w-o-w these dropped by INR 400/t.
HR strip (patra) prices in Mandi rose by INR 200/t d-o-d to INR 46,000/t ex-works, though these dropped by INR 500/t on a weekly basis.
Overview of Alang market
According to BigMint’s assessment on 11 April 2025, ship-breaking scrap prices in Gujarat’s Alang rose by INR 200/t d-o-d. HMS (80:20) was reported at INR 35,000/t ex-yard. Meanwhile, semi-finished and finished steel prices increased by INR 200-300/t. Strong buyer inquiries pushed suppliers to lift offers today.
Major auction result
On 10 April 2025, a top automaker from Gurugram, Haryana, auctioned nearly 5,000 t of CR busheling scrap (low manganese) at INR 35,900-36,100/t (ex-plant), showing a m-o-m price rise of INR 400-600/t from the last auction (March 2025).
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 33,605/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 200/t to INR 34,000/t DAP. Indicative prices of shredded from Europe stood at $385-$390/t CFR Nhava Sheva.
One of the major steelmakers in Ludhiana booked around 1,500 t of busheling scrap from South Africa at $400/t CFR Mundra.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 15,600/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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