- Raw material tags dip INR 300-650/t w-o-w
- Semi-finished steel prices fall
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 36,900/t DAP on 9 May, 2025. Scrap prices remained rangebound w-o-w, with a minor decline seen.
CR busheling scrap saw a reduction of INR 270/t, but other scrap grades held steady. The quiet steel market and border-related geopolitical tensions have restrained trade in the region this week. Mill owners mentioned that steelmakers expect semi-finished steel prices to stabilise between INR 42,100 and INR 43,800/t in the short term as a result of cautious buying and market uncertainties.
A mill owner informed: “There have been no largescale imported scrap deals in the Mandi steel market, and while a brief shortage of domestic scrap was seen in the main market, it did not cause any noticeable impact.”
Raw material prices
Sponge iron (CDRI) prices in Mandi saw a d-o-d decrease of INR 100/t, settling at INR 30,400/t DAP. Over the week, prices have dropped by INR 290/t.
Steel-grade pig iron prices in Ludhiana dropped by INR 50/t to INR 36,300/t DAP. This week, prices have seen a substantial decline of INR 665/t.
Steel market trends
In Mandi Gobindgarh, steel ingot prices fell by INR 100/t to INR 42,500/t DAP. Similarly, semi-finished steel prices across major trading hubs saw a decline of INR 100-300/t d-o-d. Semi-finished steel prices in Mandi fell marginally by INR 82/t w-o-w.
Rebar prices in Mandi remained unchanged d-o-d at INR 47,700/t. However, weekly prices saw a drop of INR 313/t due to a slowdown in steel demand.
Overview of Alang market
In Alang, Gujarat, ship-breaking melting scrap prices remained stable d-o-d on 9 May. BigMint assessed HMS (80:20) prices at INR 33,900/t ex-yard. The region saw moderate trading in semi-finished and finished steel along with consistent demand for scrap, which led suppliers to maintain stable offers today. HMS scrap prices decreased by INR 66/t in the region.
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 32,101/t (including freight). Local HMS (80:20) prices in Mumbai remained steady at 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 15,800/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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