India: BigMint’s scrap index rises by INR 200/t d-o-d as steel demand shows improvement

• Sponge iron prices edge up INR 100/t d-o-d
• Semis, finished tags climb up INR 200-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 37,100/t DAP on 20 March 2025. In today’s trading session, Mandi Gobindgarh saw a notable improvement in market activity, with steel demand experiencing a significant uptick. The positive momentum can be attributed to ongoing speculation surrounding the safeguard duty and rumours of a potential price hike by secondary mills. This combination of factors has sparked increased interest and trading in the market.

A mill owner stated, “In the near term, ingot and billet prices are expected to surpass INR 43,000/t, with tags likely to fluctuate within INR 42,500-43,500/t in Mandi.”

Raw material prices

Sponge iron (CDRI) prices in Mandi increased by INR 100/t d-o-d to INR 31,400/t DAP, while steel-grade pig iron tags in Ludhiana fell by INR 100/t to INR 39,000/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 42,900/t DAP. Meanwhile, semi-finished steel prices in other key markets increased by INR 100-400/t.

Rebar (Fe 500) prices in Mandi Gobindgarh surged by INR 300/t d-o-d to INR 47,600/t exw. Today’s market saw a slight improvement in demand, with buyers actively participating in both trading sessions.

Overview of Alang market

On 20 March 2025, ship-breaking melting scrap prices in Alang, Gujarat, saw a rise of INR 200/t. Prices of HMS (80:20) stood at INR 34,000/t ex-yard. Prices of semi-finished and finished steel also gained INR 500-700/t, with healthy scrap trading activity driving suppliers to increase their offers.

Auction update

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 $355-360/t, which equates to approximately INR 33,277/t (including freight). Today, local HMS (80:20) prices in Mumbai remained steady d-o-d at INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $380-385/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 15,400/t.

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