- Semis tags soften by INR 100/t d-o-d
- Rebar prices down INR 100/t in Mandi
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined slightly by INR 100/t d-o-d to INR 36,700/t DAP on 1 May, 2025. Today’s steel market remained largely unchanged, as buyers stayed on the sidelines. Steel mills continue to face sales pressure in a sluggish demand environment, reflecting subdued demand.
Raw materials scenario
Sponge iron (CDRI) prices in Mandi experienced a d-o-d decline of INR 100/t, settling at INR 30,700/t DAP. Meanwhile, pig iron (steel-grade) prices in Ludhiana fell by INR 300/t to INR 37,000/t (DAP).
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 42,500/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices fell by INR 100/t d-o-d.
Rebar (Fe 500) prices in Mandi declined by INR 100/t, settling at INR 48,100/t ex-works.
Overview of other market
Ship-breaking melting scrap prices in Gujarat’s Alang market decreased by INR 300/t d-o-d on 1 May. According to BigMint’s assessment, HMS (80:20) stood at INR 33,700/t ($398/t) ex-yard. The price drop can be attributed to subdued demand for both semi-finished and finished steel in yesterday’s trading session, which, along with moderate scrap trading activity, prompted suppliers to adjust their offers downward..
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 31,819/t (including freight). Local HMS (80:20) prices in Mumbai remained stable at 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 16,150/t.
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