- Semi-finished steel prices drop by INR 300/t d-o-d
- Sponge iron prices remain stable
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, slightly decreased by INR 200/t d-o-d to INR 34,300/t DAP on 15 September 2025. The overall scrap market remained sluggish today, with a slight price correction observed in semi-finished steel. Minor declines were noted across the market, reflecting subdued trading activity.
Raw material
The sponge iron (CDRI) market in Mandi Gobindgarh remained unchanged d-o-d, holding at INR 30,200/t DAP. In contrast, steel grade pig iron prices in Ludhiana saw a d-o-d decline of INR 200/t, settling at INR 35,200/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel (ingot) prices slipped by INR 300/t d-o-d to INR 39,400/t DAP, reflecting reduced transactions and softening demand. In other major production centers, ingot prices similarly dropping between INR 100/t and INR 300/t compared to the previous day.
Rebar (Fe500) prices in Mandi Gobindgarh held steady d-o-d at INR 44,100 per tonne ex-works, reflecting a stable pricing environment. However, the market experienced a slowdown in trading activity.
Overview of Alang market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 15 Sep’25. According to BigMint’s assessment, HMS (80:20) prices were at INR 31,200/t ($353/t) ex-yard. The regional market witnessed average trade volumes in semi-finished and finished steel yesterday. Furthermore, moderate scrap procurement interest from Bhavnagar-based IF mills led suppliers to maintain stable prices today.
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 $331-334/t, which equates to approximately INR 31,500/t (including freight). HMS (80:20) prices in Mumbai fell by INR 100/t to INR 31,200/t DAP today.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 12,750/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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