- Sponge iron prices dip INR 100/t
- Semis, finished steel tags dip INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 36,400/t DAP on 3 March 2025.Today, the market stayed within a narrow range, with prices in line with expectations from key mills. Steel demand was weaker than the previous trading session, highlighting the continued cautious outlook within the industry.
Mills in Mandi are actively sourcing domestic steel scrap due to its ample availability in the region. Additionally, last week imported scrap bookings have been observed, with some mills confirming that HMS (80:20) scrap from Europe is priced around $355/t, and cr busheling scrap has been booked at $383/t CFR West Coast.
Raw material price updates
Prices of sponge iron (CDRI) in Mandi fell by INR 200/t d-o-d to INR 30,700/t DAP. Meanwhile, steel-grade pig iron tags in Ludhiana rose by INR 100/t d-o-d to INR 37,300/t DAP.
In Mandi, steel manufacturers have been using scrap for 80-85% of their charge mix and sponge iron for the remaining 15%.
Steel market overview
Steel ingot prices in Mandi Gobindgarh dropped by INR 300/t d-o-d to INR 42,300/t DAP during the reporting period. Similarly, prices of semi-finished steel in major markets experienced a d-o-d decrease of INR 100-400/t.
Rebar (Fe 500) prices in Mandi Gobindgarh decreased by INR 200/t day-on-day to INR 47,000/t exw. The sharpest decline was observed in Muzaffarnagar, where prices dropped by INR 700/t to INR 45,300/t exw.
Overview of Alang markets
On 3 March, 2025, there was no change in ship-breaking scrap prices in Alang, Gujarat. BigMint’s assessment showed that HMS (80:20) prices were at INR 33,200/t ex-yard. The market saw moderate activity in both semi-finished and finished steel, and continued demand for scrap prompted suppliers to keep prices unchanged.
Auction update
For more details : https://www.bigmint.co/tenders/ferrous
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 $350-355/t, which equates to approximately INR 33,181/t (including freight). Today, local HMS (80:20) prices in Mumbai decreased by INR 300/t to INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $376/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 14,900/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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