- GST checks slow overall steel market movement
- Semis, finished steel prices drop by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 200/tonne (t) d-o-d to INR 35,700/t DAP on 2 July, 2025. The market remained silent today, with mills procuring scrap at levels below moderate amid ongoing sales pressures. Mild scrap shortage and ongoing GST checks were seen in the market today.
As per current market sentiments, ingot prices in Mandi are expected to remain range-bound in the near term, within INR 40,600-INR 41,300/t.
Raw material prices overview
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 28,800/t DAP. In Ludhiana, steel-grade pig iron prices fell by INR 300/t to INR 35,100/t DAP. A mill owner in Ludhiana has booked two rakes of steel-grade pig iron (2,600 t per rake) at INR 34,200/t, ex-Phillaur siding.
Mandi mills are getting imported scrap offers at these levels:
Steel market trends
Steel ingot prices in Mandi Gobindgarh dropped by INR 100/t d-o-d to INR 40,900/t (DAP). Semi-finished steel prices in other regions also declined by INR 50-300/t, reflecting a slower market trend.
Rebar prices in Mandi declined by INR 100/t to INR 45,700/t exw. Owing to slow market conditions, mills reduced their offers for today’s trade.
Overview of Alang markets
Ship-breaking melting scrap prices in Alang, Gujarat, remained unchanged on a d-o-d basis, as per BigMint’s latest assessment. HMS (80:20) was assessed at INR 31,500/t ex-yard.
Market sources indicate a slight shortage of ship-breaking scrap due to limited availability, with only around 25-30 ships currently beached for dismantling. Despite the constrained supply, prices remained stable, supported by moderate buying interest from scrap consumers.
Overall, the steady pricing reflects a balanced sentiment in the market, with suppliers holding offers firm amid cautious demand and restricted inflows.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,100-5,400/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $333-335/t, which equates to approximately INR 30,889/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 200/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 14,250/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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