- Sponge iron prices rise for third consecutive day
- Semis, finished prices climb up by INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 35,400/t DAP on 23 July 2025. Scrap prices in the region improved by INR 300-400/t today.
Amid slightly improved and positive market sentiment, scrap sellers raised their offers today. However, buying activity from mills remained moderate, supported by adequate scrap availability in the market.
The Mandi steel market witnessed a slight uptick in demand for semi-finished steel starting from yesterday evening. Although buyer participation remained healthy, no major bulk deals were observed, indicating a cautiously optimistic sentiment among market participants.
In the finished steel segment, prices saw a modest rise of INR 200/t d-o-d, supported by a moderately active market.
A mill owner informed BigMint, “Ingot prices in Mandi are likely to remain range-bound at INR 40,000-40,500/t in the near term. Market participants are closely monitoring construction demand and monsoon-related logistics for further direction.”
While the overall tone remains measured, steelmakers are hopeful that stable demand for semi-finished products could translate into improved sentiment across the broader market in the coming months.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi increased by INR 200/t d-o-d to INR 29,200/t DAP. Sponge iron prices have seen consistent price gains over the last three days in the region. Meanwhile, pig iron prices in Ludhiana fell by INR 100/t to INR 35,200/t DAP.
Steel market trends
In Mandi Gobindgarh, steel ingot prices jumped by INR 300/t d-o-d to INR 40,300/t DAP. Moreover, semi-finished steel prices across major trading hubs recorded a sharp increase of INR 250-600/t today. The most significant d-o-d gain was observed in the Mumbai market, where prices surged by INR 600/t.
Rebar (Fe500) prices in Mandi edged up by INR 200/t d-o-d, reaching INR 45,100/t ex-works. The market saw decent trading activity today following a period of muted or paused transactions.
Overview of Alang market
The ship-breaking scrap market in Gujarat’s Alang saw a modest price increase of INR 200/t d-o-d on 23 July, with HMS (80:20) assessed at INR 31,800/t ex-yard, according to BigMint’s latest market assessment.
The uptick comes on the back of improved buying interest in the semi-finished steel segment, which saw prices rise by INR 100-200/t during yesterday’s trading session. Market participants highlighted a notable increase in inquiries, signalling a slight recovery in downstream demand.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,800-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $330-332/t, which equates to approximately INR 30,884/t (including freight). HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d to INR 30,500/t DAP today. 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 12,850/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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