- Sponge iron prices fall by INR 200/t
- Finished steel prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 37,000/t DAP on 19 May 2025.
The Mandi steel market remained largely inactive today, with no significant trades reported in semi-finished and finished steel segments. Scrap buyers continued to operate on a need-based purchasing strategy, contributing to the overall subdued market sentiment. Price movements were limited, with only minor fluctuations observed.
A mill owner informed, “Mills are cautiously optimistic, anticipating some upward price movement in the near term. Expectations are tied to pre-monsoon booking which are likely to bring a degree of momentum and positivity to the steel market.”
Raw material prices
Sponge iron (CDRI) prices in Mandi declined by INR 200/t, reaching INR 30,800/t, while in Ludhiana, steel-grade pig iron prices remained steady at INR 35,800/t DAP DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices declined by INR 100/t to INR 42,500/t DAP. This downward trend mirrored movements across major regions where semi-finished steel prices also registered a d-o-d drop of INR 100/t to INR 300/t.
Rebar prices in Mandi remained steady d-o-d at INR 47,500/t exw. HR strip (patra) prices also remained unchanged d-o-d at INR 44,300/t exw.
The softening in prices reflects the overall cautious sentiment in the market, with limited trading activity and buyers largely operating on a need-only basis.
Overview of Alang market
Alang’s ship-breaking scrap market saw HMS (80:20) prices increasing by INR 200/t on 19 May, reaching INR 33,700/t ex-yard, per BigMint. Improved late-session trade in semi-finished and finished steel, coupled with stronger scrap demand, led suppliers to hike their offers.
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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 $345-$350/t, which equates to approximately INR 32,113/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 300/t to INR 32,500/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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