- Sponge iron prices dip by INR 300/t d-o-d
- Finished steel prices remain stable
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 36,500/t DAP on 4 June 2025. Mild scrap shortage and ongoing GST checks were seen in the market today, prompting scrap suppliers to raise their offers. Meanwhile, no price movement was seen in the finished steel segment in the Mandi market.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 300/t d-o-d to INR 29,500/t DAP. In Ludhiana, steel-grade pig iron prices were steady at INR 36,000/t DAP.
Steel market trends
Steel ingot prices in Mandi Gobindgarh rose by INR 200/t d-o-d to INR 42,000/t DAP. Simultaneously, semi-finished steel prices in other regions recorded an uptick of INR 50-350/t, indicating a mildly positive trend in the market.
Rebar prices in Mandi remained unchanged d-o-d at INR 47,100/t ex-works, while HR strip (patra) prices also remained stable at INR 44,300/t ex-works.
Overview of Alang market
On 4 June, Alang’s ship-breaking scrap prices dropped by INR 200/t, with HMS (80:20) assessed at INR 32,900/t ex-yard, according to BigMint. Weak trade activity and dull market sentiment led to a INR 100-300/t decline in semi-finished steel prices, pressuring suppliers to reduce scrap offers.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,400-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $345-348/t, which equates to approximately INR 32,088/t (including freight). Today, local HMS (80:20) prices in Mumbai remained steady at INR 32,200/t DAP. Indicative prices of shredded from Europe stood at $365-$366/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 15,450/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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