- Sponge iron tags hold firm for 2nd straight day
- Semis, finished prices remain unchanged d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 36,600/tonne (t) DAP on 18 March 2025 for the second consecutive day.
A mill owner noted, “Primary steelmakers announced a price increase for March, but no significant change has been observed in the secondary market. The pressure persists due to slow activity in finished goods over the past few months and liquidity challenges, which continue to affect the market.”
Raw material prices
Sponge iron (CDRI) prices in Mandi remained stable d-o-d for the second consecutive day at INR 31,200/t DAP, while steel-grade pig iron in Ludhiana was firm at INR 38,800/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh remained steady d-o-d at INR 42,400/t DAP. Meanwhile, semi-finished steel prices in other key markets increased by INR 100-400/t.
Rebar (Fe 500) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 47,000/t exw, while hot-rolled (HR) strip (patra) prices continued to be stable d-o-d at INR 43,600/t exw.
Overview of Mumbai steel market
Prices of induction furnace (IF) route rebars (Fe 500) in Mumbai remained stable d-o-d at INR 49,300/t exw. Limited buying activity was seen in the finished steel market, as buyers had previously procured sufficient material and awaited further clarity on market direction. Scrap (HMS 80:20) prices were at INR 32,400/t DAP. The conversion spread between scrap and billets was at around INR 10,300/t.
Auction update
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 $357-361/t, which equates to approximately INR 33,457/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 32,400/t DAP. Indicative prices of shredded from Europe stood at $382-385/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 check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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