- Sponge iron prices dip by INR 200/t
- Finished steel prices decrease by INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d at INR 37,700/t DAP on 15 April 2025.
A mill owner said, “The steel market today echoed the same cautious sentiment seen yesterday, with buyers remaining on the sidelines while mills continue to hold out hope for a demand revival. Prices have remained steady, showing little fluctuation this week, as major mills maintain full production levels and actively secure scrap in preparation for future needs.”
Raw material prices
Sponge iron (CDRI) prices in Mandi dropped by INR 200/t d-o-d, settling at INR 32,100/t DAP. Likewise, Ludhiana’s steel-grade pig iron prices fell by INR 200/t, now priced at INR 38,500/t DAP.
Steel market overview
Steel ingot prices in Mandi remained stable d-o-d at INR 43,600/t DAP. Semi-finished steel in other key regions also saw corrections of INR 50-400/t d-o-d.
Rebar (Fe 500) prices dipped INR 100/t to INR 48,700/t, and HR strip (patra) prices declined more steeply by INR 200/t to INR 45,400/t.
Overview of Mumbai market
Prices for rebar (Fe 500) in the Mumbai IF steel market fell by INR 100/t to INR 49,300/t exw. Limited buying activity was seen in the market for finished steel as buyers have previously procured sufficient material and are waiting for further clarity. Current prices of scrap (HMS 80:20) are INR 33,900/t DAP. Conversion spread between scrap and billet is around INR 10,000/t.
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 $355-$360/t, which equates to approximately INR 33,072/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 33,900/t DAP. Indicative prices of shredded from Europe stood at $385-$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 15,600/t
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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