Sponge iron prices remains stable d-o-d
Semis, finished steel prices dips by INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/t to INR 37,300/t DAP on 23 April 2025. The Mandi steel market remained quiet today, with buyers staying muted in both halves of today’s trading session.
A mill owner informed, “The safeguard duty on steel flat imports has proven ineffective, failing to sustain price levels even for a single day. While secondary mills raised their prices yesterday, the overall market remains subdued, with slow activity in the Mandi steel market seen.”
Raw material prices
Sponge iron (CDRI) prices in Mandi remained stable d-o-d at INR 32,000/t DAP. Meanwhile, pig iron (steel-grade) prices in Ludhiana fell by INR 100/t to INR 37,900/t (DAP).
Steel market overview
Steel ingot prices in Mandi fell by INR 200/t to INR 43,300/t DAP. Meanwhile, semi-finished steel prices in major markets fell by INR 200-700/t.
Rebar (Fe 500) prices in Mandi declined by INR 100/t, settling at INR 48,900/t ex-works. The downward trend reflects a softening in local market sentiment.
Overview of Alang market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 23 April. According to BigMint’s assessment, HMS (80:20) prices were at INR 34,500/t ($404/t) ex-yard. The region experienced moderate trading activity for semi-finished and finished steel during yesterday’s session, along with steady scrap buying interest. This led suppliers to hold their prices steady.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,800-6,000/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $350/t, which equates to approximately INR 32,100/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 300/t to INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $375/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 15,550/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, Click here
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