- Sponge iron prices improve by INR 200/t d-o-d
- Semis, finished prices gain by INR 100/t
BigMint’s domestic end-cutting scrap index in the Mandi Gobindgarh market edged up by INR 100 /t d-o-d, reaching INR 36,900/t DAP on 5 May 2025. The overall steel market witnessed moderate activity today, underpinned by a marginal increase in scrap prices. The price movement is primarily driven by a modest recovery in buying interest within the semi-finished steel segment. While buyer participation has improved slightly, overall market sentiment remains mixed and cautiously optimistic.
Mill owners are observing these developments closely and anticipate that, in the near term, the market will likely trade within a stable price band. Ingot prices are expected to hover in the range of INR 42,500-INR 43,300/t, reflecting a balanced outlook amid ongoing supply-demand adjustments.
Raw material prices
Sponge iron (CDRI) prices in Mandi experienced a d-o-d increase of INR 200/t to INR 30,800/t DAP. Steel-grade pig iron prices in Ludhiana fell by INR 150/t to INR 36,650/t DAP.
Steel market trend
In Mandi Gobindgarh, steel ingot prices rose by INR 100/t to INR 42,700/t (DAP) during the ongoing price normalisation phase. A similar upward trend was observed across major trading hubs, where semi-finished steel prices increased by INR 100-300/t on a d-o-d basis.
Rebar prices in Mandi remained unchanged at INR 48,000/t, as sluggish buying activity continues to weigh on the regional market, while HR strip (patra) prices slightly up by INR 100/t to INR 44,400/t exw today.
Overview of Alang market
Gujarat’s Alang market saw a notable INR 200/t increase in melting scrap prices on 5 May, pushing HMS (80:20) to INR 33,900/t (ex-yard), according to BigMint. Increased activity in semi-finished and finished steel markets has fuelled scrap demand, resulting in upward price adjustments by suppliers.
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 31,676/t (including freight). Local HMS (80:20) prices in Mumbai fell by INR 300/t to INR 33,000/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 15,850/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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