- Sponge iron prices remain stable d-o-d
- Semis, finished tags drop INR 100-150/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/t d-o-d to INR 36,800/t DAP on 23 May 2025. The Mandi steel market remained largely inactive today, with no significant trades reported in the semi-finished and finished steel segments. Scrap buyers continued to operate on a need-based purchasing strategy, contributing to the overall subdued market sentiment.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi remained stable d-o-d at INR 30,300/t DAP. Similarly, steel-grade pig iron prices in Ludhiana also remained stable at INR 36,000/t DAP.
As per weekly basis sponge iron prices decreased by INR 200/t in Mandi.
Steel market overview
In Mandi Gobindgarh, steel ingot prices declined by INR 150/t d-o-d to INR 42,300/t DAP. This downtrend mirrored movements across major regions, where semi-finished steel prices registered a d-o-d drop of INR 50-300/t.
Rebar prices in Mandi declined by INR 100/t d-o-d to INR 47,500/t, as subdued buying interest continued to drag down market sentiment.
Overview of other markets
Ship-breaking melting scrap prices in Gujarat’s Alang market decreased by INR 100/t d-o-d on 23 May 2025. According to BigMint’s assessment, HMS (80:20) stood at INR 33,700/t ($393/t) ex-yard. This adjustment follows a drop in semi-finished and finished steel prices in the region by INR 100-200/t, coupled with moderate trade activity in scrap. In response to these conditions, suppliers reduced their offers today.
Major scrap auctions
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 $348-351/t, which equates to approximately INR 32,000/t (including freight). Today, local HMS (80:20) prices in Mumbai decreased by INR 100/t d-o-d to INR 32,900/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 15,700/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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