- Sponge iron prices up INR 200/t d-o-d
- Semis, finished steel prices remain stable
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 35,800/tonne (t) DAP on 10 July. The scrap market witnessed a moderate trend today, in line with stable prices in the semi-finished and finished steel segments in the Mandi steel market. Overall, the market remained range-bound, with trade activity staying below moderate levels.
Raw material prices
Prices of sponge iron (CDRI) in Mandi Gobindgarh rose by INR 200/t d-o-d to INR 29,200/t DAP as buying from local mills slightly improved. Similarly, steel-grade pig iron prices in Ludhiana remained stable at INR 35,200/t DAP.
Steel market trends
Steel ingot prices in Mandi Gobindgarh remained stable d-o-d to INR 40,800/t DAP, amid weak market sentiment and limited trading activity. In other major regions, semi-finished steel prices held steady throughout the day.
Rebar (Fe500) prices in Mandi remained steady d-o-d at INR 45,450/t exw. HR strip prices in the region slightly increased by INR 100/t to INR 43,100/t exw.
A patra manufacturer from Mandi informed, “HR strip (patra) trading activity was quite decent during the first half of the session, resulting in a price gain of INR 100/t. However, buyer interest slowed down again in the second half. Overall, the market sentiment remains moderate, with ingot prices continuing to trade within a range of INR 40,500-41,300/t, indicating a stable near-term outlook.”
Overview of Alang market
On 10 July 2025, HMS (80:20) ship-breaking scrap prices in Alang remained firm at INR 31,800/t ex-yard, as per BigMint. Steady scrap demand and moderate activity in semi-finished and finished steel supported unchanged price levels.
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 30,800/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 30,700/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 13,400/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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