- Sponge iron prices remain stable d-o-d
- Semis, finished tags drop INR 100-500/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dropped by INR 300/tonne (t) d-o-d to INR 36,900/t DAP on 21 April 2025. Sources indicate that the market remains under pressure, with steel demand yet to pick up meaningfully, keeping both buyers and sellers cautious.
Raw material prices
Sponge iron (CDRI) prices in Mandi remained stable d-o-d at INR 31,600/t DAP today, supported by a balanced demand-supply dynamic in the region. In contrast, steel-grade pig iron prices in Ludhiana continued their downtrend, falling by INR 200/t d-o-d to INR 37,800/t DAP. The dip reflects softer market sentiment and cautious buying activity.
Steel market trend
Steel ingot prices in Mandi corrected by INR 200/t d-o-d to INR 42,800/t DAP, as weak market sentiment weighed on trades. Across key regions, semi-finished steel prices also registered a decline of INR 100-300/t d-o-d, reflecting subdued trading activity and limited buying interest.
In the finished steel segment, prices edged down d-o-d. Rebar (Fe 500) prices fell by INR 100/t d-o-d to INR 48,000/t exw, while HR strip (patra) tags in Mandi plunged by INR 500/t d-o-d to INR 44,400/t exw. On a w-o-w basis, prices declined by a substantial INR 1,200/t, driven by continued market weakness and lackluster demand from downstream segments.
Overview of Alang market
The ship-breaking melting scrap market in Gujarat’s Alang witnessed a notable price correction today, as sentiment across the steel value chain remained weak. According to the latest assessment by BigMint, prices of HMS (80:20) declined by INR 300/t d-o-d to INR 34,200/t ex-yard. This downtrend follows an INR 100/t drop in prices of both semi-finished and finished steel during the previous trading session, signalling a broader market softness attributed to subdued end-user demand.
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/t, which equates to approximately INR 32,082/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,800/t DAP. Indicative prices of shredded from Europe stood at $377/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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