- Sponge iron prices drop by INR 200/t d-o-d
- Semis tags fall by INR 100/t; rebar holds firm
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/t d-o-d to INR 34,700/t DAP on 29 September 2025. Scrap prices across the region declined by INR 100-200/t amid subdued buying interest in the finished steel segment. Limited trade activity was observed in both the morning and afternoon sessions, as market sentiment remained cautious.
Alternative raw materials
In Mandi Gobindgarh, the sponge iron (CDRI) market experienced a minor correction of INR 200/t d-o-d to INR 30,300/t DAP. The decline is attributed to limited buying interest and cautious sentiment among secondary steelmakers.
On the other hand, steel-grade pig iron prices in Ludhiana held firm at INR 35,000/t DAP for the third consecutive day.
Steel market
The domestic steel market saw a slight correction in the semi-finished segment today, with prices easing across key trading and production centres. In Mandi Gobindgarh, a benchmark market for secondary steel, semi-finished steel prices slipped by INR 100/t d-o-d to INR 39,900/t DAP.
Ingot prices mirrored the softening trend across major hubs, registering d-o-d declines of INR 100-350/t. The steepest fall was recorded in Raigarh, where ingot prices dropped by INR 350/t, reflecting subdued demand and cautious buying.
In the finished steel category, price pressure continued, although certain grades held steady. Rebar (Fe500) prices in Mandi Gobindgarh remained unchanged at INR 44,300/t exw, offering some stability amid a generally sluggish market.
Meanwhile, HR strip (patra) prices dipped by INR 100/t d-o-d to INR 41,800/t exw. Trading activity in the patra market remained modest throughout the day, with buyers exhibiting restraint amid expectations of further correction.
Upcoming scrap auctions
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,900-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $330/t, approximately INR 31,476/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 100/t d-o-d to INR 30,700/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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