- Sponge iron prices remain steady w-o-w
- Finished prices fall by INR 200/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained largely stable w-o-w, barring minor fluctuations in scrap prices, amid subdued steel demand. However, the index increased by INR 100/tonne (t) d-o-d to INR 36,900/t DAP on 16 May 2025.
In today’s trading session, limited inquiries were observed in the market. Although there was a mild shortage of scrap, subdued demand for semi-finished and finished steel led to limited purchases, with volumes restricted to moderate or need-based levels. However, mills remained hopeful that market conditions would improve next week.
Raw material prices
Sponge iron (CDRI) prices in Mandi remained stable d-o-d and w-o-w at INR 30,500/t DAP.
Steel-grade pig iron prices in Ludhiana dropped by INR 300/t d-o-d to INR 35,800/t DAP. W-o-w, prices saw a minor decline of INR 150/t.
Steel market trends
In Mandi Gobindgarh, steel ingot prices rose by INR 100/t d-o-d to INR 42,500/t DAP. Similarly, semi-finished steel prices across major trading hubs saw an uptrend of INR 50-200/t d-o-d. Semi-finished steel prices in Mandi remained steady w-o-w amid limited trades.
Rebar prices in Mandi remained unchanged d-o-d at INR 47,500/t. However, w-o-w, prices saw a drop of INR 200/t due to a slowdown in steel demand.
Overview of Jalna market
In the Jalna steel market of western India, prices remained largely stable d-o-d in today’s session. Rebar was assessed at INR 48,300/t, while HMS 80:20 scrap held firm at INR 32,700/t. However, billet prices saw a marginal decline of INR 200/t to INR 42,200/t. Trade activity remained moderate across both semi-finished and finished steel segments, reflecting a balanced market tone. Scrap availability at mills was also heard to be adequate, supporting steady production despite the minor dip in billet rates.
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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 $350-$355/t, which equates to approximately INR 32,575/t (including freight). Local HMS (80:20) prices in Mumbai remained steady d-o-d at INR 32,800/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 15,650/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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