India: BigMint’s scrap index slides by INR 200/t d-o-d amid weak market sentiments

• Semis, finished steel prices drop by INR 100/t d-o-d
• Sponge iron prices remain steady d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, fell by INR 200/tonne (t) d-o-d to INR 34,100/t DAP on 16 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 prices

Sponge iron (CDRI) prices in Mandi remained firm d-o-d at INR 30,200/t DAP. In contrast, steel grade pig iron prices in Ludhiana saw a d-o-d decline of INR 50/t, settling at INR 35,150/t DAP.

Steel market trends

Steel ingot prices in Mandi Gobindgarh dropped by INR 100/t d-o-d to INR 39,300/t DAP during the reporting and normalisation period. Similarly, steel ingot prices across key production hubs witnessed a fall of INR 50-400/t, further signalling subdued trading activity and a lack of buying momentum.

In the finished steel segment, rebar (Fe500) prices declined slightly by INR 100/t, and are currently assessed at INR 44,000/t ex-works. The finished steel segment in Mandi saw limited buying activity today, reflecting cautious sentiment in the market.

Overview of Alang scrap market

Ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 300/t d-o-d on 16 Sep’25, according to BigMint’s assessment. HMS (80:20) prices stood at INR 30,900/t ($351/t) exy. The drop in prices comes amid a slowdown in trade activities for both semi-finished and finished steel products across the region over the past few days.

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 remained steady at 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 12,500/t.

To see BigMint’s melting scrap assessment, pricing methodology and specification documents, Click here

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