- Stability prevails in raw material prices
- Finished steel extends losses on weak demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market remained stable d-o-d at INR 35,200/t DAP on 15 July 2025. The market continues to experience slow activity as demand for both semi-finished and finished steel remains lacklustre.
Scrap and semi-finished steel prices have recently plunged to their lowest levels in four-and-a-half years yet buyer interest remains subdued. In this environment of muted demand and historically low prices, overall trends remain uncertain, with the mills eagerly watching for any sign of recovery.
Raw material trends
Prices of sponge iron (CDRI) in Mandi Gobindgarh held firm d-o-d, settling at INR 28,700/t DAP, reflecting steady market sentiment amid broader volatility.
Similarly, steel-grade pig iron prices in Ludhiana remained unchanged at INR 35,200/t DAP for the fourth consecutive working day, signalling resilience in local fundamentals despite fluctuations in other markets.
Steel market
In Mandi Gobindgarh, semi-finished steel prices remained stable d-o-d at INR 40,000/t DAP. However, in other major trading hubs, semi-finished steel prices trended down, registering a decline of INR 100-300/t in today’s session. The sharpest drop was observed in Raigarh, where prices fell by INR 300/t, highlighting growing pressure across regional markets.
Rebar (Fe500) prices in Mandi declined for the second consecutive day, falling by INR 200/t today to settle at INR 45,000/t exw, reflecting persistent weakness in market sentiment.
A similar downtrend was seen across major trading hubs where rebar prices dropped by INR 100-300/t d-o-d. The sharpest fall was recorded in the Jaipur market where prices dropped INR 300/t in a single session, highlighting the growing pressure on finished steel amid sluggish demand.
Overview of Alang market
Today, HMS (80:20) prices in the Alang dropped by INR 500/t d-o-d, settling at a four-year low of INR 31,100/t as of 15 July 2025. Meanwhile, two vessels are anticipated to arrive at Alang within the next few days, which may influence market dynamics.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,800-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $330-335/t, which equates to approximately INR 30,981/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 30,500/t DAP. Indicative prices of shredded from Europe stood at $358-$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 13,150/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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