India: BigMint’s ferrous scrap index drops for third consecutive day-7 April

• Raw material prices dip by INR 200-300/t d-o-d
• Semis, finished steel tags fall by INR 500-700/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 500/t to INR 37,800/t DAP on 7 April 2025.

A mill owner informed: “The Mandi steel market has witnessed muted trade activity over the last three days, as buyers remained cautious about the upcoming market situation. Additionally, steel mills in the region expect ingot and billet prices to remain range-bound between 43,200/t and 44,000/t in the near term.”

Raw material prices

Prices of sponge iron (CDRI) in Mandi decreased by INR 200/t d-o-d to INR 32,000/t DAP, while steel-grade pig iron prices in Ludhiana dipped by 300/t to INR 39,000/t DAP.

Steel market overview

Prices of steel ingots in Mandi Gobindgarh decreased by INR 500/t d-o-d to INR 43,600/t DAP, whereas semi-finished steel prices in key markets moved down by INR 200-500/t.

Rebar (Fe 500) prices in Mandi fell by INR 400/t to INR 48,700/t exw, while HR strip (patra) prices decreased by INR 700/t to INR 45,600/t exw.

Overview of Alang market

Ship-breaking melting scrap prices in Alang, Gujarat, declined by INR 200/t on 7 April, according to BigMint. Current prices for HMS (80:20) are INR 34,800/t ex-yard. The decrease is linked to low demand for semi-finished and finished steel during the previous trading session, which, along with subdued scrap market activity, prompted suppliers to lower their prices.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $365-370/t, which equates to approximately INR 33,952/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 200/t to INR 33,300/t DAP. Indicative prices of shredded from Europe stood at $385-$390/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.