India: BigMint's ferrous scrap index gains INR 200/t d-o-d as steel prices rise

• Sponge iron prices up INR 200/t
  
  
• Semis, finished steel prices rise INR 100-300/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t to INR 38,100/t DAP on 10 April 2025.

A mill owner informed, "In the Mandi steel market, demand for both semi-finished and finished steel showed noticeable improvement today, aligning with expectations from mills. The near-term outlook for secondary steel remains range-bound, with minor price fluctuations observed in the region. Major mills are operating at full capacity while maintaining minimal inventory levels. Domestic scrap procurement by mills is strong, and mills are also actively engaging in imported scrap bookings, though deals in this segment are happening in lower volumes."

Raw material prices

Prices of sponge iron (CDRI) in Mandi increased by INR 200/t d-o-d to INR 32,500/t DAP, while steel-grade pig iron prices in Ludhiana fell by INR 50/t to INR 38,950/t DAP.

Steel market overview

Steel ingot prices in Mandi increased by INR 300/t d-o-d, reaching INR 43,900/t DAP. Meanwhile, semi-finished steel prices in major markets rose by INR 100-400/t.

Prices for rebar (Fe 500) in Mandi remained stable d-o-d at INR 48,800/t exw, and HR strip (patra) prices moved up by INR 100/t to INR 45,800/t exw. Trading activity in the region remained moderate.

Overview of Alang market

On 10 April, ship-breaking melting scrap prices in Alang, Gujarat, held steady compared to the previous day. BigMint's assessed HMS (80:20) prices at INR 34,800/t ex-yard. There was moderate trading in semi-finished and finished steel, along with stable interest in scrap buying, which prompted scrap suppliers to keep prices firm.

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 $360-365/t, which equates to approximately INR 33,605/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 300/t to INR 33,800/t DAP. Indicative prices of shredded from Europe stood at $385-$390/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 15,550/t.

To check BigMint's melting scrap assessment, pricing methodology, and specification documents, click here.