- Market continues to see slow yet steady buying
- Alternative raw material prices stay firm d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d at INR 37,700/t DAP on 16 April 2025. In today’s session, the Mandi steel market continued to see slow yet steady buying, extending the trend observed over the past three days, while steel prices were range-bound. Although overall trading activity was subdued, as noted by local mill owners, there was a sense of cautious optimism in the market.
Mills are hopeful for a gradual improvement in steel demand, with expectations of minimal price fluctuations in the near term, signalling a potentially stable phase ahead for the market.
Raw material prices
Sponge iron (CDRI) prices in Mandi stayed firm d-o-d at INR 32,100/t DAP. Similarly, steel-grade pig iron in Ludhiana remained unchanged at INR 38,500/t DAP, reflecting continued market stability.
Steel market trend
Steel ingot prices in Mandi also held steady at INR 43,600/t DAP, while semi-finished steel in key regions witnessed a marginal uptick of INR 100-600/t d-o-d, indicating a mild positive sentiment.
Meanwhile, rebar (Fe 500) prices stood firm at INR 48,700/t, with HR strip (patra) in Mandi remaining at INR 45,400/t d-o-d, underscoring a largely stable trend across the steel value chain.
Overview of other markets
In the western India-based Jalna market, billet, rebar, and HMS (80:20) prices remained stable d-o-d, assessed at INR 43,500/t, INR 49,500/t and INR 33,000/t, respectively. Moderate trade activity was observed in today’s session for semi-finished and finished steel. Additionally, scrap inventory was strong at mills.
As of 16 April 2025, melting scrap prices in Alang, Gujarat, remained unchanged d-o-d. According to BigMint’s latest assessment, HMS (80:20) was priced at INR 34,800/t ($406/t) ex-yard. Market activity in both semi-finished and finished steel segments was moderate in the previous session. However, steady buying interest in scrap prompted suppliers to keep their offers firm.
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 $350-$355/t, which equates to approximately INR 32,611/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 100/t d-o-d to INR 34,000/t DAP. Indicative prices of shredded from Europe stood at $380-$385/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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