- Sponge iron prices constant from two consecutive days
- Finished steel prices tags a increase of INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d and assessed at INR 35,600/t DAP on 19 August 2025. Trading activity in the steel scrap segment remained stable day-on-day, supported by unchanged prices in the semi-finished steel market. Meanwhile, the finished steel market in Mandi witnessed a slight uptick in demand, signaling a potential shift in buying sentiment.
A mill owner informed “Raw material prices remained stable over the past week, while semi-finished and finished steel prices continued to hover within a narrow range, showing only marginal fluctuations. Despite the subdued trading environment, Mandi-based steel manufacturers remain optimistic about a potential revival in finished steel demand once the monsoon season subsides. Ingot prices in Mandi are currently expected to remain within the range of INR 40,300 to INR 40,800/t.”
Raw materials
Sponge iron prices in Mandi remained unchanged for the second consecutive day, holding firm at INR 30,000/t delivered at plant (DAP). In contrast, pig iron prices in Ludhiana witnessed a marginal uptick of INR 50/t, reaching INR 35,800/t DAP, reflecting slight improvement in buying interest.
Steel market trend
The semi-finished steel market in Mandi Gobindgarh remained unchanged day-on-day, with prices assessed at INR 40,600/t delivered at plant (DAP). However, across major steel hubs, ingot prices witnessed an improvement of INR 100-INR 500/t, indicating a modest pickup in market sentiment. Notably, Muzaffarnagar saw a significant day-on-day rise of INR 400/t in semi-finished steel prices, reflecting stronger spot demand.
In the finished steel segment, Rebar (Fe500) prices in Mandi inched up by INR 100/t to INR 45,500/t ex-works. Similarly, HR strip (patra) prices remained stable at INR 42,700/t ex-works.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route held steady at INR 45,800/t exw amid weak demand, as buyers restricted bookings to immediate requirements. Market activity was further dampened by heavy rainfall. On the raw material side, HMS (80:20) scrap was assessed at INR 31,500/t DAP, while the scrap–billet conversion spread stood at around INR 8,800/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 $335/t, which equates to approximately INR 31,360/t (including freight). HMS (80:20) prices in Mumbai remained steady at INR 31,500/t DAP today, scrap prices remained stable from last five days in the region. Indicative prices of shredded from Europe stood at $365/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 13,400/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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