- Sponge iron prices rise by INR 300/t d-o-d
- Semi-finished steel prices see INR 100/t uptick
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 36,500/t DAP on 4 March 2025.The Mandi steel market experienced a range-bound price trend, with mills anticipating that ingot prices in the near term will remain within the range of INR 42,100-42,800/t.
Raw material price updates
Prices of sponge iron (CDRI) in Mandi climbed by INR 300/t d-o-d to INR 31,000/t DAP. Meanwhile, steel-grade pig iron tags in Ludhiana fell by INR 50/t d-o-d to INR 37,250/t DAP.
In Mandi, the charge mix of steel manufacturers consists of 80-85% scrap and 15% sponge iron.
Steel market overview
Steel ingot prices in Mandi Gobindgarh rose by INR 100/t d-o-d, reaching INR 42,400/t DAP during the reporting period. In contrast, prices of semi-finished steel in key markets saw a d-o-d decline of INR 100-300/t.
The price of rebar (Fe 500) in Mandi Gobindgarh remained stable at INR 47,000/t exw. On the other hand, Jalna experienced the sharpest price increase, with prices rising by INR 400/t to INR 48,300/t exw.
Overview of Alang
On 4 March, the price of ship-breaking melting scrap in Alang, Gujarat, remained unchanged for the fourth consecutive day. BigMint’s assessment recorded HMS (80:20) at INR 33,200/t ex-yard. Finished steel prices remained stable yesterday, and amid moderate buying scrap suppliers chose to hold on to their current offers.
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 33,130/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $375/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 15,000/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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