India: BigMint’s scrap index declines by INR 200/t d-o-d amid muted trade

• Alternate raw material tags down INR 300-500/t
• Semis, finished prices drop by INR 100-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined slightly by INR 200/tonne (t) d-o-d to INR 37,700/t DAP on 28 March 2025. As the last week of March marks the fiscal year-end, mills and scrap sellers are primarily focused on settling their credits. Additionally, trading in the Mandi steel market was driven by need-based activity today.

In the region, steel mills expect the market to remain range-bound in the near term, with no significant price movements expected. Ingot-billet prices are likely to remain within INR 43,400-43,800/t DAP.

Raw material prices

Prices of sponge iron (CDRI) in Mandi decreased by INR 300/t to INR 31,700/t DAP, while steel-grade pig iron prices in Ludhiana dipped by INR 500/t to INR 39,000/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh moved down by INR 100/t to INR 43,400/t DAP. Meanwhile, semi-finished steel prices in key markets decreased by INR 100/t-300/t.

In Mandi, rebar (Fe 500) prices decreased by INR 300/t to INR 48,100/t exw. The finished steel market experienced a pause in trading activity, prompting sellers to reduce their offers today.

Overview of Alang market

On 28 March, ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 200/t compared to the previous day. BigMint’s assessment showed that HMS (80:20) prices were at INR 34,300/t ex-yard. The subdued demand for semi-finished and finished steel, combined with average scrap trade activity, led suppliers to lower their offers.

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 $365/t-$367/t, which equates to approximately INR 33,587/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 15,300/t.

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