- Scrap market remains quiet, buyers cautious
- Finished steel prices drop by INR 100/t d-o-d
BigMints domestic end-cutting scrap index for the Mandi Gobindgarh market held firm d-o-d at INR 36,300/tonne (t) DAP on 12 June 2025, reflecting a stable demand-supply balance amid muted trades.
A mill owner informed BigMint that steel prices in Mandi Gobindgarh remained mostly unchanged today, with limited trading due to weak buying sentiment. Market activity was quieter than usual as buyers held back, waiting for stronger demand signals to emerge.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 200/t d-o-d to INR 29,100/t DAP. In Ludhiana, steel-grade pig iron prices were steady at INR 36,100/t DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices fell by INR 100/t d-o-d to INR 41,500/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices fell by INR 100-400/t d-o-d.
Rebar (Fe 500) prices in Mandi declined by INR 100/t d-o-d to INR 46,800/t exw.
Overview of Jalna market
In the Jalna market of Western India, billet prices remained stable on a day-on-day (d-o-d) basis, with current prices assessed at INR 40,200/t. While rebar and HMS 80:20 prices fell by INR 100/t to INR 45,200/t and INR 31,600/t, respectively. The market continued to experience weak demand for finished steel, as seen in recent months. According to sources, mills currently hold inventories for around 12-15 days. To control conversion costs, mills are incorporating 30-50% sponge in their charge mix.
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 31,600/t (including freight). Local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 31,500/t DAP.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 15,200/t.
To check BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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