BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined slightly by INR 100/tonne (t) d-o-d to settle at INR 36,400/t DAP on 25 February, 2025. The Mandi steel market saw weak trade activity today, as demand for semi-finished and finished steel remained weaker compared to yesterday’s trading session.
Raw materials scenario
Prices of sponge iron (CDRI) in Mandi fell by INR 100/t d-o-d to INR 30,600/t DAP. Meanwhile, pig iron (steel-grade) prices in Ludhiana remained steady d-o-d at INR 37,500/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 42,300/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices fell by INR 100-300/t d-o-d.
Additionally, rebar (Fe 500) prices in Mandi Gobindgarh held firm at INR 46,900/t exw.
Overview of others market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 25 Feb’25. According to BigMint’s assessment, HMS (80:20) prices were at INR 33,000/t ($380/t) ex-yard. The region saw moderate trade activity for semi-finished and finished steel in yesterday’s trading session. Along with this, moderate buying interest for scrap prompted suppliers to maintain steady prices today.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $343-348/t, which equates to approximately INR 32,400/t (including freight). Local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 32,600/t DAP. Indicative prices of shredded from Europe stood at $374-375/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 14,850/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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