- Sponge iron prices rise by INR 400/t
- Semis, finished up by INR 400-1,200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 700/tonne (t) to INR 37,600/t DAP on 22 April 2025. The impact of the recently-imposed 12% safeguard duty on imports of non-alloy and alloy steel flat products is starting to show, as steelmakers raised their offers today. However, buyers in Mandi remain cautious due to the sudden price hikes by secondary mills, which led to overall subdued market activity.
Raw materials prices
Sponge iron (CDRI) prices in Mandi rose by INR 400/t d-o-d to INR 32,000/t DAP. Similarly, steel-grade pig iron prices in Ludhiana increased by INR 200/t to INR 38,000/t DAP.
Steel market trends
Steel ingot prices in Mandi surged by INR 700/t to INR 43,500/t DAP. Semi-finished steel prices across key markets climbed up by INR 400-1,000/t, with the Raigarh region witnessing a significant rise. Ingot prices jumped up by INR 700/t today.
Rebar (Fe 500) prices in Mandi experienced a sharp hike of INR 1,000/t, hitting INR 49,000/t ex-works. Meanwhile, HR strip (patra) prices moved up by INR 1,200/t to INR 45,800/t ex-works.
Overview of others market
Mumbai: Prices of rebar (Fe 500) through the Mumbai induction furnace (IF) route increased by INR 300/t to INR 49,600/t exw. Limited buying activity was seen in the market for finished steel as buyers today remained mostly silent due to the sudden hike in prices of semi-finished and finished products after the news of the safeguard duty imposition was announced yesterday. Buyers were uncertain about the market direction and opted for a wait-and-watch mode for further clarity. The current pricing of scrap (HMS 80:20) is INR 33,800/t DAP. The conversion spread between scrap and billet was at around INR 10,700/t.
On 22 April 2025, ship-breaking scrap prices in Alang saw an INR 300/t uptick, taking HMS (80:20) to INR 34,500/t exy, according to BigMint. One of the main factors behind this increase is the recent safeguard duty on imports, which has positively impacted the steel sector and led to higher offers from scrap sellers.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $350/t, which equates to approximately INR 32,010/t (including freight). Today, local 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 $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 15,450/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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