India: BigMint’s scrap index falls INR 200/t d-o-d as trades slow down ahead of fiscal year-end

• Sponge iron prices increase by INR 300/t
• Semi-finished prices drop by INR 200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market declined by INR 200/t to INR 37,900/tonne (t) DAP on 27 March 2025. Trade activity was slow in both trading sessions today, as most mills prioritised settlements of their credit payments ahead of the fiscal year-end. In the near term, mills are anticipating that ingot and billet prices will remain range-bound between INR 43,400/t and INR 43,800/t in Mandi.

Raw material prices

Prices of sponge iron (CDRI) in Mandi increased by INR 300/t to INR 32,000/t DAP, while steel-grade pig iron prices in Ludhiana remained stable at INR 39,500/t DAP.

In the Mandi region, steel mills are utilising approximately 70%-75% scrap and 25%-30% sponge iron in their charge mix for steel production.

Steel market overview

Steel ingot prices in Mandi Gobindgarh fell by INR 200/t to INR 43,500/t DAP. Meanwhile, semi-finished steel prices in key markets decreased by INR 100/t-150/t.

In Mandi, rebar (Fe 500) prices remained steady at INR 48,400/t exw. The finished steel market in the region remained quiet today.

Overview of Mumbai steel market

Prices for rebar (Fe 500) on the Mumbai IF steel market remained stable at INR 49,400/t exw. Limited buying activity was seen in the market for finished steel as buyers have previously procured sufficient material and are waiting for further price clarity. Current prices of scrap (HMS 80:20) are INR 32,900/t DAP. The conversion spread between scrap and billet is around INR 10,300/t.

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 $362/t-$367/t, which equates to approximately INR 33,667/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 32,900/t DAP. Indicative prices of shredded from Europe stood at $390/t-$395/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 15,150/t.

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