- Semi-finished steel prices up INR 200/t today
- Pig iron prices fall by INR 350/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t d-o-d to INR 38,100/t DAP on 5 June. In the major secondary steel hub of Mandi Gobindgarh, steel prices witnessed a marginal uptick, supported by moderate buying activity during today’s trading session. Consequently, scrap procurement also remained healthy, as mills continued to replenish inventories in line with improved steel trade sentiment.
Raw materials overview
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 30,600/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana fell by INR 350/t to INR 41,850/t DAP.
Steel market
In the Mandi region, steel ingot prices increased by INR 200/t to INR 43,200/t during the price reporting and normalisation phase. However, prices in other key markets rose INR 100-500/t.
In the finished steel segment, rebar (Fe500) prices remained stable d-o-d, and are currently assessed at INR 47,800/t ex-works.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,900-5,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $358/t, approximately INR 36,200/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,800/t DAP. Indicative prices of shredded from Europe stood at $402/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 14,400/t.
To see BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
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