India: BigMint’s scrap index reflects softening prices as buyers stay on sidelines

• Sponge iron prices remain flat d-o-d
• Semi-finished tags drop by INR 200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 300/tonne (t) d-o-d to INR 35,600/t DAP on 29 July 2025. Today’s steel market in Mandi remained subdued, with buyers staying largely inactive across both trading sessions. The lack of demand pressure led to a price correction, with scrap and semi-finished steel prices falling by INR 200-INR 300/t in the region.

The market sentiment remains cautious as participants await clearer signals before making fresh purchases.

Raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged d-o-d, holding firm at INR 30,000/t on a DAP basis.

In contrast, pig iron prices in Ludhiana saw a downward adjustment, falling by INR 200/t to settle at INR 36,000/t DAP basis. The decline reflects softening demand and cautious procurement activity in the region.

Steel market trends

Steel prices in Mandi Gobindgarh continued their downward trend today, with ingot prices falling by INR 200/t d-o-d, now assessed at INR 40,500/t on a DAP basis.

Meanwhile, semi-finished steel prices across major trading hubs also recorded a dip, declining by INR 100-INR 300/t d-o-d. Mandi has now seen two consecutive days of price correction in the semi-finished segment, reflecting weakened demand and cautious buying behavior.

On the other hand, Rebar (Fe500) prices in Mandi remained unchanged at INR 45,600/t ex-works. Despite price stability, demand for finished steel remains below moderate, indicating subdued market activity and limited trade momentum.

Upcoming scrap auctions

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,800-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $335-338/t, which equates to approximately INR 31,686/t (including freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 30,700/t DAP today. Indicative prices of shredded from Europe stood at $365-$370/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 12,600/t.

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

articipants await clearer signals before making fresh purchases.