- Raw material prices tags dip INR 200-600/t w-o-w
- Semi-finished steel prices fall by around INR 200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by 300/tonne (t) d-o-d to INR 37,200/t DAP on 25 April 2025. W-o-w, scrap prices decreased by INR 200-300/t in the region.
Overall, the market showed a stable trend this week, largely influenced by the 12% safeguard duty imposed by the Indian government on flat steel imports. However, the secondary steel market experienced a sharp, seemingly artificial price hike during the first half of the week. This prompted caution among buyers, who held back, awaiting clearer market direction.
As a result of the muted buying activity, mills faced increased pressure, leading them to reduce their offers.
A mill owner informed, “Mills in the northern region have begun securing bookings for imported scrap, with containerised deals currently taking place. While the availability of domestic scrap remains decent, there is now an increase in activity for imported scrap as well.”
Some scrap deals reported:
- 600 t of HMS 1 from South Africa sold at $375/t.
- 500 t of HMS from Kuwait sold at $370/t.
- 750 t of HMS from West Africa sold at $367/t.
- 250 t of HMS1 from Peru sold at $377/t.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi experienced a d-o-d decline of INR 300/t, settling at INR 31,500/t DAP. Over the course of the week, prices have fallen by INR 203/t.
Steel-grade pig iron prices in Ludhiana dropped by INR 100/t to INR 37,600/t DAP. On a weekly basis, prices saw a more significant reduction of INR 633/t.
Steel market trends
In Mandi Gobindgarh, steel ingot prices dropped by INR 200/t d-o-d to INR 43,100/t DAP. Similarly, semi-finished steel prices across major trading hubs saw a decline of INR 100-400/t d-o-d. In Mandi, semi-finished steel prices fell by INR 183/t w-o-w.
Rebar prices in Mandi decreased by INR 200/t d-o-d to INR 48,700/t. However, on a weekly basis, rebar prices showed a slight improvement, increasing by INR 200/t compared to last week.
Overview of Hyderabad market
Hyderabad’s steel market experienced a slowdown, with semi-finished steel (billet) prices decreasing by INR 500/t to INR 41,500/t. Similarly, finished steel prices (rebar) declined by INR 1,000/t, settling at INR 46,500/t. Overall, market sentiment remained weak throughout the week, with buyer activity staying subdued.
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 32,087/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 15,400/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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