- Sponge iron prices increase by INR 200/t
- Finished steel prices up INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/t d-o-d at INR 37,900/t DAP on 9 April 2025. The Mandi steel market experienced weak demand but most mills expect a rebound in the near term as the market recovers from low prices.
Raw material prices
Prices of sponge iron (CDRI) in Mandi increased by INR 200/t d-o-d to INR 32,300/t DAP, while steel-grade pig iron prices in Ludhiana remained stable at INR 39,000/t DAP.
Steel market overview
Steel ingot prices in Mandi remained stable d-o-d, reaching INR 43,700/t DAP, during the price reporting and normalisation phase. Meanwhile, in other regions like Ghaziabad, Muzaffarnagar, and Gujarat, semi-finished steel prices increased by INR 400-500/t.
Prices for rebar (Fe 500) in Mandi increased by INR 200/t to INR 48,800/t exw, and HR strip (patra) prices also increased by INR 200/t to INR 45,700/t exw. The market experienced a slight increase in prices, with overall trade activity remaining average.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $361-364/t, which equates to approximately INR 33,700/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $385-$388/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 15,400/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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