- GST inspections push up offers in Mandi
- Finished steel prices rise by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 36,500/t DAP on 4 June 2025. In the Mandi market, a shortage of certain scrap grades, along with ongoing GST inspections, led scrap suppliers to raise their offers today.
Meanwhile, the availability of sponge iron and pig iron remains above moderate levels, which has kept prices of the same stable. Mills are currently using a mix of raw materials for steel production-approximately 75-80% of scrap and 20-25% sponge iron.
The finished steel segment in Mandi saw moderate trading activity, with prices registering a marginal increase of INR 100/t d-o-d.
Price trends of alternative raw materials
Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 29,500/t DAP. In Ludhiana, steel-grade pig iron prices also held steady at INR 36,000/t DAP.
Steel market trends
Steel ingot prices in Mandi Gobindgarh declined by INR 100/t, settling at INR 42,000/t DAP. Semi-finished steel prices in other regions also dropped by INR 100-300/t, reflecting a sluggish market trend.
Rebar prices in Mandi gained by INR 100/t d-o-d to INR 47,200/t exw, while trading activity remained average in the market today.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route decreased by INR 300/t to INR 47,000/t exw. Market activity was subdued, with buyers limiting purchases to immediate requirements. Moreover, persistent rainfall in the region further dampened market sentiments. Scrap (HMS 80:20) is currently priced at INR 31,700/t DAP, while the conversion spread between scrap and billet stands at approximately INR 9,300/t.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,100-5,400/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $344-345/t, which equates to approximately INR 31,801/t (including freight). Today, local HMS (80:20) prices in Mumbai fell by INR 500/t to INR 31,700/t DAP. Indicative prices of shredded from Europe stood at $365-$366/t CFR Nhava Sheva.
Meanwhile, a bulk vessel, carrying 35,000 t of steel scrap, arrived at Kandla Port, Gujarat. According to reports, the consignment comprises 17,000 t of HMS and another 17,000 t of shredded scrap. The arrival is expected to slightly ease supply concerns in the western region.
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.
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