- Sponge iron prices remain steady d-o-d
- Finished steel prices decline by INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 37,000/t DAP on 14 May, 2025. Scrap trading was largely need-based today, which exerted downward pressure on offers from suppliers. Weak buying in both semi-finished and finished steel segments further dampened sentiment, keeping buyers on the sidelines. A shortage of certain scrap grades is being observed in the market, keeping suppliers firm on their offers today.
Raw material prices
Sponge iron (CDRI) prices in Mandi remained steady d-o-d at INR 30,600/t while steel-grade pig iron prices in Ludhiana dropped by INR 400/t to INR 36,300/t DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices remained stable at INR 42,500/t DAP. Similarly, semi-finished steel prices across major trading hubs saw a decline of INR 100-300/t d-o-d.
Rebar prices in Mandi declined by INR 200/t to INR 47,500/t exw today, while HR strip (patra) prices dipped by INR 100/t to INR 44,000/t exw.
Overview of Mumbai market
Prices of rebar (Fe 500) in Mumbai’s IF-route market decreased by INR 100/t to INR 47,900/t exw. Limited buying activity was seen in the market for finished steel as buyers tread cautiously, awaiting further clarity. The current pricing of scrap (HMS 80:20) is INR 32,800/t DAP. The conversion spread between scrap and billets is at around INR 9,800/t.
Recent scrap auction results
A leading northern India-based four-wheeler maker auctioned 4,200 t of CR busheling (low Mn) scrap on 13 May in Gurgaon. Winning bids fell to INR 34,750–34,950/t exw, down INR 1,100–1,200/t from last month’s auction.
On 14 May 2025, an auto component manufacturer in Manesar, Haryana, sold around 900 t of CR trimming scrap at INR 34,000/t exw, while its Ahmedabad unit sold the same grade at INR 33,500/t exw.
Meanwhile, a major car body part manufacturer auctioned 1,200 t of CR busheling scrap from Gurugram at INR 35,000/t exw.
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 32,098/t (including freight). Local HMS (80:20) prices in Mumbai fell by INR 200/t to INR 32,800/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 15,600/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
Leave a Reply