India: BigMint's scrap index gains INR 200/t d-o-d as steel demand shows slight improvement - 24 Feb

• Raw material prices up by INR 100-500/t
  
  
• Semis, finished tags rise by INR 100-200/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 36,500/t DAP on 24 February 2025. Scrap buying in the region was moderate; however, due to a slight improvement in steel demand and an increase in semi-finished and finished steel prices, scrap sellers raised their offers today.

A mill owner informed BigMint, "The last trading session saw positive movements in the semi-finished and finished steel markets. Today, trade inquiries were moderate, and mills expect stable ingot prices in Mandi at INR 41,900-42,900/t."

Another mill owner stated, "Demand for patra pipes in Mandi has risen since last Friday, and the market has experienced a positive price shift. The segment is expected to continue seeing improved demand in the near term."

Raw material prices up

Mandi's sponge iron (CDRI) prices were up marginally by INR 100/t d-o-d to INR 30,700/t DAP, whereas Ludhiana's steel-grade pig iron tags rose by INR 500/t to INR 35,700/t DAP.

Steel market overview

Mandi Gobindgarh's steel ingot prices edged up by INR 200/t d-o-d to INR 42,400/t DAP, as semi-finished tags in major markets registered a d-o-d rise of INR 200-500/t.

Rebar (Fe 500) prices in Mandi Gobindgarh increased by INR 100/t d-o-d to INR 46,900/t exw amid moderate buying inquiries.

Overview of Alang market

Ship-breaking scrap prices in Alang, Gujarat, rose by INR 300/t d-o-d on 24 February 2025, according to BigMint's latest assessment. HMS (80:20) stood at INR 33,000/t exy, following an increase of INR 100/t d-o-d in finished steel prices. An uptick in demand further prompted sellers to raise their offers.

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 32,987/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 $370-375/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 14,950/t.

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