- Sponge iron prices remain steady d-o-d
- Finished steel prices decline by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d at INR 37,400/tonne (t) DAP on 18 April 2025. Scrap trading was largely inactive today, which exerted downward pressure on offers from suppliers. Weak buying in both semi-finished and finished steel segments further dampened sentiment, keeping buyers on the sidelines.
A mill owner informed BigMint, “The market remained largely inactive today, with both halves of the trading session witnessing a cautious and muted tone. While buyers appeared hesitant, expecting a potential further decline in prices, steel producers held a more optimistic outlook, suggesting that the market may have reached its lower threshold. Many within the industry are hopeful that we could see a recovery as early as next week, with improved momentum on the horizon. In the near term, ingot prices in Mandi are projected to hover in the range of INR 43,000-43,700/t DAP.”
Raw material prices
Sponge iron (CDRI) prices in Mandi held firm d-o-d at INR 31,900/t DAP, reflecting a steady demand-supply balance. In contrast, steel-grade pig iron prices in Ludhiana recorded a marginal dip of INR 100/t d-o-d, settling at INR 38,400/t DAP.
Steel market trend
Steel ingot prices in Mandi remained stable d-o-d at INR 43,300/t DAP, as the market maintained a cautious yet stable tone. Across major regions, semi-finished steel prices remained largely steady, reflecting subdued trading activity.
In the finished steel segment, prices witnessed a slight downward adjustment. Rebar (Fe 500) prices fell by INR 100/t d-o-d to INR 48,300/t Exw. Similarly, HR strip (patra) prices in Mandi also declined by INR 100/t d-o-d to INR 45,100/t exw.
Overview of Raipur steel market
In the Raipur steel market, sponge iron manufacturers slightly reduced their offers today, having sold adequate quantities in recent days, There was no sales pressure, despite finished demand being below average and prices edging down d-o-d. Sponge iron (PDRI) prices moved down by INR 100/t exw to 25,600/t , billet dipped by INR 150/t to INR 41,000/t exw, while rebar (Fe500) decreased by INR 200/t to INR 45,200/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 32,342/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 100/t d-o-d to INR 33,900/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 15,400/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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