- Alternative raw material prices dip INR 100-200/t
- Semis, finished steel prices drop INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 36,500/t DAP on 14 February, 2025.
A mill owner informed: “Compared to yesterday’s trading session, the Mandi steel market experienced weaker activity today, with semi-finished and finished steel prices falling by INR 200/t. Steelmakers in the region are facing sales pressure, and liquidity concerns continue to affect the market. Most steel mills are implementing production cuts due to weak demand. In the near term, ingot prices have remained rangebound between INR 42,000 and INR 42,700/t”.
Raw material price updates
The price of sponge iron (CDRI) in Mandi fell by INR 100/t day-on-day to INR 30,400/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana moved down by INR 200/t to 35,800/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 200/t today, reaching INR 42,300/t DAP. Meanwhile, semi-finished steel prices in major markets fell by INR 100-300/t compared to the previous day.
Rebar (Fe 500) prices in the region decreased by INR 200/t to INR 46,900/t exw.
Overview of Alang market
On 14 February, Gujarat’s Alang market saw a decline of INR 200/t in ship-breaking melting scrap prices. BigMint assessed the price of HMS (80:20) at INR 32,800/t ex-yard. The trading activity for semi-finished and finished steel was moderate during yesterday’s session. Additionally, moderate scrap buying interest from Bhavnagar-based IF steel mills led suppliers to lower their offers today.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,500-5,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $358-360/t, which equates to approximately INR 33,398/t (including freight). Local HMS (80:20) prices in Mumbai remained stable at INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $380/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 14,500/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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