- Raw material prices tags a drop of INR 100-200/t
- Semi-finished steel prices dips by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 36,900/t DAP on 15 May 2025.No major improvement was observed in the market today, though slight shortages and need-based buying in semi-finished and finished steel were noted in the mid-market segment. Overall sentiment remained subdued.
A mill owner Informed “The steel market in Mandi continues to struggle with muted demand and market uncertainty. Most mills are operating below capacity, and despite a reported scrap shortage, many suppliers remain hesitant to trade due to the ongoing price downtrend.”
Another steel maker of Mandi said “Steel prices in Mandi are expected to stay range-bound between INR 42,000-42,800/t in the near term. Industry experts believe any significant price recovery will depend on a combination of factors, including price hikes by primary mills, improved project demand, pre-monsoon restocking, and clearer government policies amid geopolitical uncertainties.”
Raw material prices
Sponge iron (CDRI) prices in Mandi declined by INR 100/t, reaching INR 30,500/t, while in Ludhiana, steel-grade pig iron saw a sharper drop of INR 200/t, settling at INR 36,100/t DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices slipped by INR 100/t, settling at INR 42,400/t DAP. A similar downward trend was observed across major trading hubs, where semi-finished steel prices also dropped by INR 100/t d-o-d.
Rebar prices in Mandi remained steady d-o-d at INR 47,500/t exw. No significant trades were recorded in today’s market, with activity remaining subdued across the board.
Overview of Alang market
On 15 May 2025, ship-breaking melting scrap prices in Alang, Gujarat, held firm, reflecting ad-o-d stability. As per BigMint’s latest assessment, HMS (80:20) was quoted at INR 33,500/t ex-yard. The previous trading session saw consistent prices for both semi-finished and finished steel, with moderate trading activity. This steady market sentiment prompted scrap suppliers to maintain their offers unchanged today.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,400-5,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $345-350/t, which equates to approximately INR 32,124/t (including freight). Local HMS (80:20) prices in Mumbai remained stable at INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $365-370/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.
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