India: BigMint’s ferrous scrap index stays firm d-o-d despite muted trade

• Sponge iron prices dip by INR 50-100/t d-o-d
• Semis, finished steel prices remain steady

BigMint’s domestic end-cutting scrap index in the Mandi Gobindgarh market remained stable d-o-d at INR 36,900/t DAP on 6 May 2025. Both halves of the trading session remained subdued, with sluggish activity observed throughout the day. Price movement was largely rangebound, and buyers stayed cautious amid ongoing market uncertainty and mixed signals, leading to a hesitant trading environment.

Raw material prices

Sponge iron (CDRI) prices in Mandi dropped by INR 100/t d-o-d, settling at INR 30,700/t DAP. Meanwhile, steel-grade pig iron in Ludhiana declined by INR 50/t to INR 36,600/t DAP.

Steel market trend

Steel ingot prices in Mandi Gobindgarh stayed steady at INR 42,700/t DAP. Similarly, semi-finished steel prices across regions dropped by INR 100-300/t compared to yesterday.

Rebar prices in Mandi were flat at INR 48,000/t, with lacklustre buying interest continuing to dampen market momentum.

Overview of Jalna market

In the Jalna steel market in western India, billet prices saw a marginal correction of INR 100/t, settling at INR 42,500/t. Rebar rates held steady at INR 48,800/t, indicating limited movement in construction-grade finished steel. However, HMS 80:20 scrap prices rose by INR 200/t to INR 32,800/t amid supply constraints. The current market scenario reflects weak demand for finished steel, while scrap sellers withholding material in response to unattractive price levels.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $345-350/t, which equates to approximately INR 31,720/t (including freight). Local HMS (80:20) prices in Mumbai remained steady at INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $368/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 15,750/t.

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