- Steel prices up INR 100-200/t d-o-d
- Secondary steel market sees improvement
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 35,800/t DAP on 9 July 2025. Scrap buying remained moderate in today’s market, supported by a noticeable rise in both semi-finished and finished steel prices. With prices rising across key steel segments, scrap sellers responded by raising their offers.
A mill owner informed, “Buying has picked up to a moderate level in both the semi-finished and finished steel segments as previously halted demand is gradually returning.”
However, sharp price hikes are unlikely as the market will not see a significant surge due to unsupportive and uncertain demand in the neighbouring states. Moreover, the absence of major infrastructure development projects in the region continues to weigh on overall sentiment.
Raw material prices
Sponge iron (CDRI) prices in Mandi remained steady d-o-d at INR 29,000/t DAP. Meanwhile, steel-grade pig iron prices fell slightly by INR 100/t to INR 35,200/t on a DAP basis.
Steel market trends
Semi-finished steel prices in Mandi Gobindgarh registered a modest uptick of INR 200/t d-o-d, reaching INR 40,800/t (DAP) on 9 July. This slight increase aligns with the overall rangebound movement seen as similar gains of INR 100-200/t were noted in other key regions. Semi-finished steel prices in Mumbai witnessed a significant rise today, climbing up by INR 500/t compared to the previous session.
Market participants reported a slight improvement in buying activity today in Mandi’s semi-finished steel segment, providing a mild boost to prices. However, overall momentum remains cautious, with demand still largely driven by immediate requirements rather than sustained consumption.
Rebar (Fe500) prices in Mandi Gobindgarh increased by INR 100/t to INR 45,500/t exw today. Buying activity improved notably in today’s trading session compared to yesterday, as mills in Mandi Gobindgarh showed optimism for a further price uptick in the near term. The positive sentiment was supported by similar trends in other regions, where prices saw a steady upward movement alongside moderate-to-good buying interest.
Rebar markets in Muzaffarnagar and Bangalore recorded the most significant day-on-day gains, with prices rising by approximately INR 700/t, marking a sharp rebound. The overall market tone appears cautiously optimistic, as rising prices across regions encourage mills and traders to expect continued momentum in the short term.
Overview of Alang market
Alang scrap prices edge up on improved buying interest; Semi-finished steel follows suit
Gujarat’s Alang ship-breaking yard witnessed a slight uptick in melting scrap prices on 9 July 2025, driven by improved buying interest. According to BigMint’s latest assessment, HMS (80:20) was quoted at INR 31,800/t ex-yard, reflecting a d-o-d rise of INR 300/t.
The positive sentiment also extended to the semi-finished steel segment, where prices climbed by INR 200-300/t during the previous trading session. Market participants noted a steady flow of inquiries for scrap, prompting suppliers to firm up their offers in anticipation of further demand traction.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,900-5,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $330-335/t, which equates to approximately INR 30,900/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 30,800/t DAP. Indicative prices of shredded from Europe stood at $360/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 13,500/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
Leave a Reply