- Sponge iron prices up INR 200/t d-o-d
- Decent trade activity boosts prices today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 35,400/t DAP on 17 July 2025. Scrap prices in the region improved by INR 100-200/t today.
A mill owner informed, “Today’s market remains moderately active, with normal trade volumes observed across key regions. Ingot prices are expected to stay rangebound between INR 40,000-40,500/t. While a shortage of scrap may potentially drive up semi-finished steel prices, market sentiment remains cautious due to the continued absence of strong end-user demand.”
Raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh were up marginally by INR 200/t d-o-d to INR 28,900/t DAP. Steel-grade pig iron prices in Ludhiana remained steady at INR 35,300/t DAP.
Steel market trends
Steel ingot prices in Mandi Gobindgarh increased by INR 200/t to INR 40,300/t DAP.Semi-finished steel prices across key regions witnessed an uptick of INR 50-400/t, supported by decent trade activity in today’s market.
A notable price increase was recorded in the Mumbai semi-finished steel market, with prices rising by INR 400/t today.
Rebar prices in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 45,100/t exw. Despite the price uptick, trading activity remained largely moderate, with overall market sentiment still clouded by uncertainty in the steel sector. A significant price hike was observed in Ahmedabad, with prices rising by INR 500/t day-on-day.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route rose slightly by INR 100/t to INR 43,300/t exw. The market saw moderate buying interest, with buyers stepping in on expectations that prices have likely bottomed out. Meanwhile, scrap (HMS 80:20) is trading at INR 30,500/t DAP, and the conversion spread between scrap and billet is around INR 8,600/t.
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 31,034/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.
Imported scrap offers
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 13,200/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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