- Slight pick-up in semis demand supports scrap tags
- Finished steel prices decline by INR 100/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained firm d-o-d at INR 35,000/t DAP on 22 July 2025. Trade activity remained steady in today’s last trading session, supported by a slight improvement in spot demand within the semi-finished market, while the finished steel segment remained sluggish. Consequently, scrap suppliers kept their offers unchanged.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi increased marginally by INR 100/t d-o-d to INR 29,000/t DAP. Meanwhile, pig iron prices in Ludhiana remained steady d-o-d at INR 35,300/t DAP for the fifth consecutive day.
Steel market trends
In Mandi Gobindgarh, steel ingot prices were stable d-o-d at INR 39,900/t DAP. However, semi-finished steel prices across major trading hubs witnessed a downtrend of INR 100-700/t today. The most notable drop of INR 700/t d-o-d was observed in the Ghaziabad market.
Rebar (Fe500) prices in Mandi continued to decline, by INR 100/t d-o-d to INR 44,900/t ex-works. The finished steel segment remained subdued, with persistent weak demand exerting significant pressure on market sentiment.
Comparing current levels to prices on 1 July, rebars in Mandi have declined by INR 900/t, reflecting limited activity in the construction and infrastructure sectors. Market participants cited cautious buying and slower project activities as key factors contributing to the price correction.
Upcoming scrap auctions
Brief details of the upcoming auctions have been listed on BigMint’s tender platform.
For more details: https://tinyurl.com/FECRC2107
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 $330-332/t, which equates to approximately INR 30,889/t (including freight). HMS (80:20) prices in Mumbai fell by INR 200/t d-o-d to INR 30,300/t DAP today. Indicative prices of shredded from Europe stood at $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 12,800/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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