India: BigMint’s ferrous scrap index holds firm amid stable market trends

• Raw material prices rise by INR 100-200/t
• Finished steel prices remain stable d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 36,200/tonne (t) DAP on 18 February 2025.The mandi steel market today observed a stable trend, with no significant fluctuations.

A mill owner informed: “Trade activity was slow in the market today. As a result, scrap prices held steady, and there were no significant fluctuation in prices of semi-finished and finished steel in the Mandi market”.

Raw material price update

Prices of sponge iron (CDRI) in Mandi increased by INR 200/t d-o-d to INR 30,600/t DAP, while tags of steel-grade pig iron in Ludhiana moved up by 100/t to INR 36,700/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh saw a slight increase of INR 100/t, reaching INR 42,100/t DAP, while semi-finished steel prices in major markets rose by INR 100-200/t d-o-d.

Rebar (Fe 500) prices in the region remained stable d-o-d at INR 46,700/t exw, despite a softening in demand.

Overview of other markets

In Alang, Gujarat, ship-breaking melting scrap prices held steady d-o-d on 18 February. According to BigMint’s assessment, HMS (80:20) remained at INR 32,500/t ex-yard. The market saw moderate trading activity for both semi-finished and finished steel yesterday, and with sustained buying interest for scrap, suppliers chose to keep prices unchanged today.

Jalna: In the western India’s Jalna market, billet prices decreased slightly, dropping by INR 100/t to INR 41,500/t, while rebar prices rose by INR 200/t, reaching INR 47,100/t. On the other hand, HMS 80:20 scrap prices remained stable at INR 31,700/t.

Market activity seemed to be moderate, with trading activities seen in both the semi-finished and finished steel markets. Additionally, scrap arrivals at mills appear to be in line with mills’ requirements at the current price level.

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 33,064/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 $375-$380/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 14,500/t.

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