- Semis decline by INR 100-500/t d-o-d
- Rebar loses INR 200/t in Mandi market
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined slightly by INR 100/t d-o-d to INR 37,000/t DAP on 28 April, 2025. The overall steel market in Mandi experienced sluggish trading activity today, as buyers remained cautious amid expectations of further price declines. Meanwhile, steel manufacturers are hopeful that prices have reached their bottom range.
Raw materials scenario
Sponge iron (CDRI) prices in Mandi experienced a d-o-d decline of INR 300/t, settling at INR 31,200/t DAP. Meanwhile, pig iron (steel-grade) prices in Ludhiana fell by INR 250/t to INR 37,350/t (DAP).
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 300/t d-o-d to INR 42,800/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices fell by INR 100-500/t d-o-d.
Rebar (Fe 500) prices in Mandi declined by INR 200/t, settling at INR 48,300/t ex-works.
Overview of other market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable for the third consecutive day on 28 April. According to BigMint’s assessment, HMS (80:20) prices were at INR 34,600/t ($405/t) ex-yard. The region experienced moderate trading activity for semi-finished and finished steel during the previous session, along with steady scrap buying interest. This led scrap suppliers to hold their prices steady today.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $345-$350/t, which equates to approximately INR 32,021/t (including freight). Local HMS (80:20) prices in Mumbai fell by INR 100/t to INR 33,400/t DAP. Indicative prices of shredded from Europe stood at $370/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 15,800/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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