- Sponge iron prices improve by INR 300/t d-o-d
- Semis, finished prices edge up by INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 36,100/t DAP on 4 August. Scrap procurement in Mandi Gobindgarh remained moderate, with no large-volume deals reported.
A mill owner informed, “Steel buyers are adopting a wait-and-watch approach, anticipating short-term price stability amid moderate finished steel demand. Despite recent price increases, overall activity remained average, with limited momentum in the second half of the day.”
Imported scrap deals
Raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 300/t d-o-d to INR 30,300/t DAP on 4 August, driven by improved buying from local mills. In contrast, pig iron prices in Ludhiana (Punjab) declined by INR 200/t, settling at INR 35,800/t DAP, amid limited trade activity observed today.
Steel market trends
Semi-finished steel prices in Mandi Gobindgarh rose by INR 150/t d-o-d, closing at INR 41,000/t DAP, supported by improved buying sentiment. Across major steel hubs, prices increased by INR 150–500/t, reflecting a positive market trend. Notably, Ahmedabad and Raigarh witnessed a sharp rise of INR 500/t, driven by active trade and firm demand.
Rebar (Fe 500) prices in Mandi Gobindgarh increased by INR 200/t, reaching INR 45,800/t exw. Meanwhile, ERW pipes (patra-based) gained INR 100/t d-o-d, assessed at INR 44,400/t exw. The pipe segment has recorded a cumulative rise of INR 700/t over the past few days, supported by improved demand and rising raw material costs.
Overview of Alang market
Ship-breaking scrap prices in Gujarat’s Alang rose by INR 200/t d-o-d to INR 32,000/t (ex-yard) for HMS (80:20), as per BigMint. The increase follows a INR 200-300/t rise in semi-finished and finished steel prices. Steady inquiries from secondary steelmakers supported the uptrend, prompting suppliers to raise offers. With improved sentiment and stable supply, scrap prices may remain firm in the near term.
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 $335-$338/t, which equates to approximately INR 31,824/t (including freight). HMS (80:20) prices in Mumbai rose by INR 700/t to INR 31,500/t DAP today. Indicative prices of shredded from Europe stood at $365-$368/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 13,050/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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