India: BigMint's ferrous scrap index edges up by INR 200/t on 29 Jan'25

• Sponge iron prices remain steady d-o-d
  
  
• Semi-finished steel prices inch up by INR 100/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t to INR 37,400/t DAP on 29 January 2025.

A mill owner informed: "Yesterday's trading session saw positive movements in both semi-finished and finished steel markets. Today, trade inquiries remain moderate, with mills anticipating stable Mandi ingot prices at INR 42,300-42,900/t".

Raw material price updates

Mandi's sponge iron (CDRI) prices stayed stable at INR 30,400/t DAP, whereas Ludhiana's steel-grade pig iron prices rose by INR 400/t to INR 35,700/t DAP.

Steel market overview

Mandi Gobindgarh's steel ingot prices edged up by INR 100/t to INR 42,800/t DAP, as semi-finished steel prices in major markets registered a day-on-day rise of INR 50/t to INR 500/t.

Rebar (Fe 500) prices in Mandi Gobindgarh held steady at INR 47,200/t ex-works amid moderate buying inquiries.

Overview of other market

Durgapur: The semi-finished steel market saw a slight rise in offers, driven by improved finished steel demand in the eastern region. However, only need-based buying took place, keeping trade volumes moderate as buyers remained cautious about bulk bookings. In Durgapur, billet prices increased by INR 50/t to INR 39,850/t DAP, while rebar (Fe 500) prices rose by INR 200/t to INR 43,100/t ex-works.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,400-5,600/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $350-355/t, which equates to approximately INR 32,934/t (including freight). Local HMS (80:20) prices in Mumbai moved up by INR 200/t to INR 32,000/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 14,600/t.

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