- Raw material prices remain steady d-o-d
- Finished steel prices stay stable today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 36,400/t DAP on 10 June 2025. Today in the Mandi steel market, a mild shortage of scrap was observed, leading to average trading activity. Limited availability prompted scrap suppliers to increase their offers, reflecting the tightening supply situation in the market.
Alternative raw materials
Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 29,300/t DAP. Steel-grade pig iron prices in Ludhiana remained steady at INR 36,000/t DAP, with no changes recorded over the past six days.
Steel market trends
Steel ingot prices in Mandi Gobindgarh increased by INR 100/t to INR 41,700/t DAP. Semi-finished steel prices in other regions also improved by INR 50-100/t.
Rebar prices in Mandi remained stable d-o-d at INR 46,900/t ex-works, while trading activity was below moderate in the market today.
Overview of Alang market
On 10 June, melting scrap prices from ship-breaking activities in Alang, Gujarat, rose by INR 100/t compared to the previous day, as reported by BigMint. HMS (80:20) was assessed at INR 32,700/t ex-yard. Late-session trading yesterday saw an uptick in activity for both semi-finished and finished steel, and increased buying inquiries for scrap led suppliers to hike their offers.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,100-5,400/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $340-345/t, which equates to approximately INR 31,716/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $365/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 15,100/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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