- Sponge iron prices rise by INR 200/t
- Semis, finished steel tags up INR 200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t to INR 36,600/t DAP on 26 February 2025. Overall, the Mandi steel market remained range-bound, experiencing only marginal price fluctuations due to steady buying activity in the region.
Raw material price updates
The price of sponge iron (CDRI) in Mandi rose by INR 200/t day-on-day to INR 30,800/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana remained steady at INR 37,500/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh increased by INR 200/t, reaching INR 42,500/t DAP during the reporting period. Likewise, semi-finished steel prices in major markets saw a day-on-day rise of INR 100/t-400/t.
Rebar (Fe 500) prices in Mandi Gobindgarh climbed by INR 200/t to INR 47,100/t ex-works, supported by moderate demand and stable buying trends.
Overview of other markets
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 26 Feb’25. According to BigMint’s assessment, HMS (80:20) prices were at INR 33,000/t ($379/t) ex-yard. The region witnessed average trade activity for semi-finished and finished steel during yesterday’s trading session. Additionally, with moderate buying interest for scrap, suppliers opted to maintain steady prices 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 $345-348/t, which equates to approximately INR 32,400/t (including freight). Local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 32,700/t DAP. Indicative prices of shredded from Europe stood at $374-375/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 14,950/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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