- Sponge iron prices remain stable d-o-d
- Semi-finished steel prices drop by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/t to INR 38,600/t DAP on 4 April 2025. The Mandi steel market remained stable and range-bound prices were recorded for semi-finished and finished steel today. Steel mills expect ingot-billet prices to remain steady in the near term, ranging between INR 44,000/t and INR 44,600/t.
A mill owner informed: “Due to the narrow gap between imported and domestic scrap prices, mills in the northern region have started procuring imported scrap. Meanwhile, the availability of domestic scrap remains generally good in the region.”
Raw material prices
Prices of sponge iron (CDRI) in Mandi remained unchanged d-o-d at INR 32,300/t DAP, while steel-grade pig iron prices in Ludhiana decreased by 100/t to INR 39,300/t DAP.
Steel market overview
Prices of steel ingots in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 44,400/t DAP, whereas semi-finished steel prices in key markets grew by INR 100-200/t.
Rebar (Fe 500) prices in Mandi remained steady at INR 49,300/t exw, while HR strip (patra) prices increased slightly by INR 100/t to INR 46,500/t exw.
Overview of Hyderabad steel market
Billet prices in the region increased by INR 500/t, reaching INR 43,000/t, while finished steel prices remained stable d-o-d at INR 47,500/t exw. Trade activity in the finished long steel market has slowed over the past two days. Despite this, inventory pressure remains manageable, with no significant buildup.
Efforts to push the market higher have faced resistance, and prices are expected to remain rangebound in the near term. The market is expected to stabilise even as participants await further price cues.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $365-370/t, which equates to approximately INR 33,783/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $385-$390/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 15,850/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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