- Sponge iron prices improve by INR 200/t
- Semis, finished tags increase by INR 150-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 35,800/tonne (t) DAP on 25 June 2025. Steel market activity remained cautious today. However, compared to yesterday’s session, buyers showed a slight improvement in buying interest. Despite this, overall market sentiment continues to remain subdued and uncertain.
Raw material prices
In Mandi Gobindgarh, sponge iron (CDRI) prices saw a modest gain of INR 200/t, bringing the price to INR 28,900/t DAP. The price rise is attributed to steady procurement by local mills. On the other hand, steel-grade pig iron prices in Ludhiana declined by INR 200/t, settling at INR 35,600/t DAP. The drop is largely due to lukewarm demand and cautious buyer sentiment.
Steel market trends
Steel ingot prices in Mandi Gobindgarh rose by INR 150/t to INR 41,100/t DAP, buoyed by slightly improved trade.
Other major regions also witnessed a mild rise in semi-finished steel prices, ranging from INR 50-300/t. The highest gain was seen in Jaipur, where ingot prices increased by INR 300/t.
In Mandi, rebar prices edged up by INR 100/t, settling at INR 45,800/t exw, reflecting steady demand in the local market. Meanwhile, HR strip (patra) prices saw a rise of INR 200/t, reaching INR 43,200/t ex-works.
Overview of other markets
Alang scrap prices hit 4-year low amid weak steel demand
Ship-breaking melting scrap prices in Gujarat’s Alang dropped to a four-year low, falling by INR 200/t to settle at INR 31,500/t on 25 June 2025. According to market sources, the decline is primarily attributed to weak demand for both semi-finished and finished steel, with prices in the region falling by INR 200-300/t.
Average trading activity in the scrap segment prompted suppliers to cut their offers in an attempt to stimulate buying.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,000-5,400/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $333-335/t, which equates to approximately INR 31,047/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 300/t to INR 30,800/t DAP. Indicative prices of shredded from Europe stood at $360/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 14,750/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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