- Sponge iron prices remain flat d-o-d
- Semis, finished steel prices up INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/t d-o-d to INR 34,900/t DAP on 16 December.
Today, the Mandi Gobindgarh steel market saw moderate demand for semi-finished and finished steel, with prices rising by around INR 100-200/t d-o-d. Finished steel demand remained below moderate, prompting steelmakers to hope for stronger uptake amid a cautious buying approach in the final trading session. Mills maintained stable operations despite subdued end-user participation.
Scrap arrivals stayed decent supporting mills’ routine raw material procurement and helping sustain production momentum.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d, reaching INR 28,300/t DAP. Meanwhile, steel-grade pig iron prices also remained stable at INR 34,900/t DAP.
Steel market
In Mandi Gobindgarh, semi-finished steel ingot prices rose INR 200/t d-o-d to INR 39,900/t DAP, with intraday gains ranging from INR 100-500/t across hubs. The Ahmedabad and Mumbai ingot markets saw sharper increases of around INR 500/t today.
Rebar (Fe500) prices climbed INR 100/t to INR 44,400/t ex-works, while HR strip (patra) prices followed suit, advancing INR 200/t to INR 40,000/t exw. Demand in the region was moderate and confined to routine trading.
Overview of Hyderabad market
IF-route Fe 500 rebar prices have remained largely consistent over the past few days, followed by moderate demand from the construction sector. However, buying activity has been relatively subdued due to the ongoing local elections, which have temporarily slowed project execution and fresh procurement. As a result, market participants reported stable price levels, with rebar prices currently hovering in the range of INR 41,000-41,300/t ex-works. HMS (80:20) scrap prices remained steady day-on-day amid moderate demand in the region.
Upcoming scrap auctions
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,700-5,100/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318/t, approximately INR 31,104/t (inclusive of freight). HMS (80:20) in Mumbai increased by INR 200/t d-o-d to INR 30,500/t DAP. Indicative prices of shredded from Europe stood at $348/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 13,900/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co
Leave a Reply