- Sponge iron prices remain steady d-o-d
- Semis, finished prices fall INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 300/tonne (t) d-o-d to INR 36,400/t DAP on 12 March 2025.
A mill owner informed BigMint, “The festive week has led to disruptions in loading, unloading, transportation, and labour availability, resulting in a complete standstill in market activity. No notable improvement has been seen in semi-finished and finished steel prices. Despite the increase in primary steel prices, secondary steel prices remain unaffected, as mills continue to face liquidity challenges and a slowdown in demand.”
Another mill owner stated, “Today, the Mandi steel market experienced a slowdown compared to yesterday, with a drop of INR 100-200/t d-o-d in semi-finished and finished prices. Steelmakers are struggling with sales pressure, and liquidity issues continue to weigh on the market. Due to weak demand, several steel mills have reduced production. In the short term, ingot prices will fluctuate within INR 42,000-42,700/t.”
Raw material price updates
Prices of sponge iron (CDRI) in Mandi remained steady d-o-d at INR 31,000/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana moved down by INR 200/t d-o-d to 38,800/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 200/t d-o-d today, to INR 42,200/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 100/t d-o-d to INR 46,900/t exw, while hot-rolled (HR) strip (patra) prices dipped by INR 100/t to INR 43,600/t exw.
Overview of Alang market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable on 12 March 2025, with HMS (80:20) at INR 33,500/t ex-yard according to BigMint’s assessment. Trading activity was moderate in both semi-finished and finished steel markets, and scrap buying interest was consistent. Consequently, scrap suppliers decided to hold their prices steady.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $357-358/t, which equates to approximately INR 33,400/t (including freight). Local HMS (80:20) prices in Mumbai remained stable at INR 32,400/t DAP. Indicative prices of shredded from Europe stood at $378/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 14,850/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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