- Sponge iron prices dip by INR 100/t
- Semis, finished steel prices decline
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 37,000/t DAP on 22 May 2025. The Mandi steel market witnessed a cautious sentiment today, driven by sluggish demand in both semi-finished and finished steel. Despite a mild shortage of scrap in the market, suppliers were compelled to lower their offers amid weak buying interest and limited trade activity.
Substitute raw material prices
Sponge iron (CDRI) prices in Mandi decreased by INR 100/t to INR 30,300/t DAP. Similarly, steel-grade pig iron prices in Ludhiana holds steady at INR 36,000/t DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices moved down by INR 100/t d-o-d to INR 42,500/t DAP. Semi-finished steel prices in other major markets declined by INR 100-400/t.
Rebar prices in Mandi remained stable at INR 47,600/t exw. HR strip (patra) prices fell by INR 300/t to INR 44,200/t exw.
Overview of Alang market
On 22 May, ship-breaking melting scrap prices in Alang, Gujarat, remained unchanged. BigMint assessed HMS (80:20) at INR 33,800/t ex-yard. Steady scrap demand and moderate trading in semi-finished and finished steel yesterday helped maintain price stability.
Major auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,400-5,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $345-350/t, which equates to approximately INR 32,291/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 300/t to INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $365-$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 15,650/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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