- Pig iron prices remain flat d-o-d
- Semis, finished steel prices stable
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d at INR 33,800/t DAP on 9 October 2025.
Mandi’s steel mills are confronting inventory pressure in finished steel, signalling sales difficulties in the region. This has caused liquidity troubles, affecting mills’ capacity to run full-time. Scrap suppliers have decreased their offers because of weak demand and a declining market. Imported scrap is not a viable option for buyers given the $10-$12 price gap. Therefore, mills prefer domestic scrap.
Alternative raw material
Sponge iron (CDRI) prices in Mandi remained stable at INR 29,500/t DAP. Steel grade pig iron prices in Ludhiana also remained flat d-o-d at INR 34,700/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 39,000/t DAP during the reporting and normalisation period. While semi-finished steel prices in other regions recorded an uptick of INR 100-300/t, indicating a mildly positive trend in the market.
Rebar (Fe500) prices in Mandi remained flat d-o-d at INR 43,500/t ex-works. HR strip prices also assessed stable INR 40,700/t ex-works.
Overview of Alang scrap market
Ship-breaking melting scrap prices in Gujarat’s Alang market decreased by INR 200/t d-o-d on 9 Oct’25. According to BigMint’s assessment, HMS (80:20) prices stand at INR 30,100/t ($339/t) ex-yard. The decline in semi-finished and finished steel prices observed in yesterdays session in the region was due to restricted demand. Amid moderate trade activity in scrap, suppliers had to adjust by reducing their offers today.
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 31,200/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 300/t to INR 30,100/t DAP today. Indicative prices of shredded from Europe stood at $355-358/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 12,250/t
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
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