- Sponge iron prices decline by INR 200/t
- Semis, finished tags drop INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dropped by INR 300/tonne (t) d-o-d to INR 37,400/t DAP on 17 April 2025. The steel market in Mandi has been witnessing a consistent downtrend over the past few days, marked by declining prices across both semi-finished and finished steel segments. This persistent weakness has been driven by a mix of cautious market behaviour and reduced trade flows.
A mill owner informed BigMint, “A major factor contributing to the slowdown is hesitancy among scrap buyers, who are holding back purchases in expectation of further price drops in the near term. This wait-and-watch approach has resulted in limited trading activity, adding pressure on prices.”
Another steelmaker stated, “With fewer bookings, limited movement in finished goods, and restrained buying across the board, the market remains largely silent. Industry participants are keeping a close watch on price trends, but for now, there is no clear signal of recovery.”
Raw material prices
Sponge iron (CDRI) prices in Mandi dipped by INR 200/t d-o-d to INR 31,900/t DAP. Similarly, steel-grade pig iron in Ludhiana remained unchanged at INR 38,500/t DAP, showing no change from the previous day.
Steel market trend
Steel ingot prices in Mandi declined by INR 200/t d-o-d to INR 43,300/t DAP. Semi-finished steel prices across major regions registered a d-o-d drop of INR 150-700/t, reflecting market pressure.
In the finished segment, rebar (Fe 500) prices slipped by INR 300/t d-o-d to INR 48,400/t, while HR strip (Patra) in Mandi fell by INR 200/t, to INR 45,200/t.
Weak demand and limited trade activity continued to weigh on prices, signalling a cautious outlook in the near term.
Overview of Hyderabad market
The Hyderabad steel market remained volatile throughout the week, especially in the semi-finished segment, while finished prices stayed flat amid subdued bookings. Today, billet prices dropped by INR 500/t d-o-d, to INR 41,500/t exw, whereas rebar (Fe500) tags held firm d-o-d at INR 47,000/t exw.
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 $353/t, which equates to approximately INR 32,358/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at 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 15,450/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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