India: BigMint’s scrap index edges up by INR 200/t d-o-d

• Alternative raw material tags dip by INR 200/t
• Finished steel prices remain unchanged d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, improved marginally by INR 200/tonne (t) d-o-d to INR 37,500/t DAP on 24 April 2025, as semi-finished steel prices inched up amid moderate market sentiments.

A mill owner informed BigMint, “The steel market in Mandi remained largely stable today, with no significant changes in trade volumes seen across segments. However, a slight improvement in buying interest was observed, indicating a cautious yet positive undertone in the market. Despite the slow pace of transactions, sentiment remains steady, and prices are expected to stay within a narrow range in the near term, barring any major shifts in demand or raw material prices.”

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi fell by INR 200/t d-o-d to INR 31,800/t DAP. Similarly, steel-grade pig iron prices in Ludhiana decreased by INR 200/t to INR 37,700/t DAP.

Steel market trends

In Mandi Gobindgarh, steel ingot prices rose by INR 200/t d-o-d to INR 43,400/t DAP. Meanwhile, semi-finished steel prices across major trading hubs edged higher by INR 100-400/t d-o-d, supported by steady buying interest and marginal improvement.

On the other hand, rebar (Fe 500) prices in Mandi stayed flat d-o-d at INR 48,900/t exw. Similarly, HR strip (patra) prices were unchanged at INR 45,500/t exw.

Overview of Alang market

On 24 April 2025, Alang’s ship-breaking scrap market saw an INR 100/t d-o-d price hike for HMS (80:20), to INR 34,600/t ex-yard. This uptick was influenced by a late-session rise in semis and finished steel trading and stronger scrap 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 32,069/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $372/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 15,500/t.

To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.