- Market sees moderate scrap buying at steady pace
- Semis, finished steel prices improve by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 35,500/t DAP on 24 July 2025. Scrap prices in the region improved by INR 100-200/t today.
A mill owner informed BigMint, “The Mandi steel market recorded routine trading activity during today’s session, with mills continuing to procure raw materials at a steady pace. Domestic scrap buying remained at moderate levels, backed by stable demand and sufficient availability in the market. Meanwhile, imported scrap from earlier bookings continued to arrive in the region, though in limited volumes, helping to further support local supply chains. In addition to scrap, mills are actively procuring sponge iron in decent quantities, reflecting its improved availability and strategic importance in the current charge mix.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi rose by INR 200/t d-o-d, reaching INR 29,400/t DAP, driven by sustained demand and a firm market trend. Similarly, pig iron prices in Ludhiana witnessed an increase of INR 300/t to INR 35,500/t DAP amid a gradually improving market sentiment.
Steel market trends
In Mandi Gobindgarh, steel ingot prices registered a modest rise of INR 100/t d-o-d to INR 40,400/t DAP. The price momentum was further supported by gains in the semi-finished steel segment, with several major trading hubs witnessing sharp increases of INR 100-600/t.
Among the regions, Mumbai stood out, recording the most significant price jump. The market saw a d-o-d surge of INR 600/t, with cumulative gains of INR 1,200/t over just two working days, reflecting a sharp shift in buying sentiment and a sudden demand spike.
Meanwhile, rebar (Fe500) prices in Mandi also edged higher by INR 100/t d-o-d to INR 45,200/t ex-works. Mills in the region highlighted steady trade volumes and remained optimistic about further price appreciation in the short term, as market fundamentals continue to improve.
Overview of Raipur market
The Raipur steel market witnessed a strong upward movement today, with rebar (Fe500) prices surging by INR 700/t d-o-d to INR 40,200/t ex-works, reflecting renewed momentum in buying activity and improved trade sentiment.
In the semi-finished segment, billet prices also moved up by INR 400/t d-o-d to INR 37,500/t ex-works, supported by active restocking and a positive market outlook. The raw material segment followed suit, with sponge iron (PDRI) rising by INR 450/t d-o-d to INR 24,700/t ex-works, while HMS (80:20) scrap increased by INR 300/t to INR 31,400/t DAP.
A mill owner stated, “After a brief slowdown, trading activity in the region has picked up notably over the last two days, as paused operations resumed and decent demand returned to the market.”
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 $330-332/t, which equates to approximately INR 30,885/t (including freight). HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d to INR 30,700/t DAP today. 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 12,800/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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