India: BigMint’s scrap index falls by INR 200/t d-o-d amid continued downtrend in steel prices

• Sponge iron prices decrease by INR 200/t
• Semis, finished steel prices dip by INR 200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/t to INR 34,000/t DAP on 7 October 2025.

Scrap prices in Mandi fell by INR 200/t to 300/t today, following a decline in finished steel prices. Buyers remain cautious amid current market trends, anticipating further downward movement in the coming days.

Raw material

Sponge iron (CDRI) prices in Mandi decreased by INR 200/t INR 29,600/t DAP. Steel grade pig iron prices in Ludhiana declined by INR 200/t to INR 34,800/t DAP.

Steel market trends

Semi-finished steel (ingot) prices in Mandi Gobindgarh dipped by INR 200/t to INR 39,200/t DAP, pressured by sluggish demand and tightening conversion margins. Across key production hubs, ingot prices softened further, by INR 100-400/t d-o-d.

Rebar (Fe500) prices in Mandi decreased by INR 200/t to INR 43,700/t ex-works. HR strip prices declined by INR 200/t to INR 40,900/t ex-works.

Overview of Mumbai market

Rebar (Fe 500) prices on the Mumbai IF market decreased by INR 300/t at INR 42,700/t exw amid limited demand, as buyers restricted bookings to immediate requirements waiting for further clarity. HMS (80:20) scrap was assessed at INR 30,400/t DAP, while the scrap-billet conversion spread stood at around INR 7,600/t.

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 $325-328/t, approximately INR 31,225/t (inclusive of freight). HMS (80:20) prices in Mumbai moved down by INR 300/t to INR 30,400/t DAP today. Indicative prices of shredded from Europe stood at $356-358/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 12,150/t.

To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.