- Sponge iron prices dip by INR 50-100/t d-o-d
- Semis, finished steel prices down INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/t to INR 34,600/t DAP on 24 September 2025.
The Mandi steel market remained subdued in both halves of the trading session, with minimal trade activity observed across the scrap and finished steel segments. Market sentiment was notably weak, as buyers exercised caution amid sluggish demand and concerns over potential further price declines. The slow pace of transactions reflects a broader hesitancy in the market, driven by uncertainty regarding near-term trends.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh saw a decline of INR 100/t day-on-day, settling at INR 30,500/t delivered at plant (DAP). Meanwhile, steel-grade pig iron prices in Ludhiana registered a marginal drop of INR 50/t, reaching INR 34,950/t DAP.
Steel market
In Mandi Gobindgarh, semi-finished steel (ingot) prices dropped by INR 200/t day-on-day, reaching INR 39,800/t DAP. The decline was primarily driven by reduced transaction volumes amid subdued demand. Similar price corrections were observed across other major production hubs, where ingot prices declined by INR 100-200/t d-o-d.
Meanwhile, rebar (Fe500) prices in Mandi also eased, falling by INR 100/t to INR 44,200/t ex-works. In contrast, HR strip prices remained unchanged at INR 41,900/t ex-works on a day-to-day basis.
Overview of Alang & Durgapur
As of 24 September, melting scrap prices in Alang, Gujarat, climbed by INR 100/t d-o-d, with HMS (80:20) assessed at INR 30,900/t ex-yard, per BigMint. Regional semi-finished and finished steel prices rose by INR 200-300/t, while increased scrap inquiries pushed suppliers to lift their offers.
In the Durgapur market of eastern India, billet and rebar prices witnessed a decline of INR 200/t, with current levels recorded at INR 36,750/t and INR 38,700/t, respectively. Similarly, the price of HMS 80:20 scrap fell by INR 100/t, settling at INR 31,600/t. According to market sources, trade activity in finished steel remains at average levels. It has been reported that some mills have opted for maintenance shutdowns due to restricted trading momentum.
Additionally, market activity is expected to slow further, as most operations will remain closed from 27 September to 3 October due to the Durga Puja festival.
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 $330/t, which equates to approximately INR 31,458/t (including freight). HMS (80:20) prices in Mumbai remained stable at INR 31,400/t DAP today. Indicative prices of shredded from Europe stood at $362/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 12,050/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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