- Billet falls by INR 100/t, rebar gains INR 200/t
- Mills continue to procure scrap at steady levels
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 34,800/t DAP on 9 September 2025. The domestic ferrous market witnessed a mixed trend, with scrap and semi-finished steel prices edging lower, while finished steel tags, particularly rebar, recorded modest gains.
Today in Mandi Gobindgarh, the scrap market witnessed moderate trading activity, as mills continued to procure material at steady levels. However, demand for semi-finished steel remained subdued, reflecting ongoing cautious sentiment in the market. In contrast, the finished steel segment showed marginal improvement, with rebar (Fe500), in particular, seeing a slight uptick in demand.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 30,500/t DAP, supported by consistent mill buying. In contrast, steel-grade pig iron prices in Ludhiana edged down by INR 100/t to INR 35,400/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 100/t d-o-d to INR 39,900/t DAP, tracking lower transaction levels amid limited demand. Across other key production hubs, ingot prices saw further downward adjustments in the range of INR 100-300/t d-o-d.
Meanwhile, rebar (Fe500) prices in Mandi firmed up by INR 200/t d-o-d to INR 44,400/t ex-works, supported by a pick-up in local buying interest and active trade in the region.
Overview of Jalna market
In the western India-based Jalna market, billet prices rose by INR 200/t d-o-d to INR 39,800/t, while rebar tags gained INR 300/t d-o-d, settling at INR 44,500/t. Meanwhile, HMS 80:20 prices remained unchanged at INR 31,100/t. With rainfall subsiding in the region, trade activities in the rebar segment improved over the past couple of days. Scrap supply to mills continued to meet current requirements, keeping procurement steady. As a result, mills were not inclined to raise scrap purchase prices under the present conditions.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,900-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $332-$333/t, which equates to approximately INR 31,510/t (including freight). HMS (80:20) prices in Mumbai increased by INR 100/t d-o-d to INR 31,300/t DAP today. Indicative prices of shredded from Europe stood at $364/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 13,200/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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