- Sponge iron prices remain firm d-o-d
- Semis, finished steel dips by INR 200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dropped by INR 200/tonne (t) d-o-d to INR 36,200/t DAP on 17 February 2025. Additionally, the decent availability of domestic scrap, combined with limited demand for steel and production cuts at mills, led to a w-o-w decrease of INR 500-600/t in scrap prices in Mandi Gobindgarh.
Raw material price updates
Prices of sponge iron (CDRI) in Mandi remained stable d-o-d at INR 30,400/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana jumped by INR 600/t d-o-d to 36,600/t DAP.
Steel market overview
Steel ingot prices in Mandi Gobindgarh decreased by INR 200/t d-o-d today, to INR 41,900/t DAP. Meanwhile, semi-finished steel prices in major markets fell by INR 50-300/t compared to the previous day. W-o-w, ingot prices in Mandi slipped by INR 750/t.
Rebar (Fe 500) prices in the region fell by INR 200/t d-o-d to INR 46,700/t exw. Slow trade activity was observed in the major markets. In Mandi, rebar prices dropped by INR 500/t w-o-w.
Overview of Alang market
On 17 February 2025, ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d. BigMint’s assessment indicated that HMS (80:20) was at INR 32,500/t ex-yard. Prices of semi-finished and finished steel goods remained largely unchanged d-o-d, and with moderate scrap trade, suppliers kept their offers steady. Meanwhile, HMS (80:20) prices in Alang decreased by INR 700/t w-o-w.
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $350-355/t, which equates to approximately INR 33,042/t (including freight). Local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $375-$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 14,550/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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