India: BigMint’s ferrous scrap index slides d-o-d for 3rd consecutive day

• Sponge iron tags decline by INR 200/t d-o-d
• Semis, finished prices drop by INR 150-200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 33,500/t DAP on 14 October 2025. Steel scrap prices in the region have been on a steady decline over the past three days, with a total drop of approximately INR 400-500/t, according to BigMint’s analysis.

The northern steel hub of Mandi Gobindgarh saw an unusually quiet day with no significant steel demand. Trading in both the morning and afternoon sessions remained largely inactive, with only a few scattered deals in semi-finished and finished steel. Scrap purchases were confined to meeting immediate requirements, reflecting a cautious market sentiment.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh dropped by INR 200/t d-o-d to INR 29,300/t DAP. In contrast, steel-grade pig iron prices in Ludhiana remained steady at INR 34,600/t DAP.

Steel market trends

In Mandi Gobindgarh, semi‑finished steel (ingot) prices slipped by INR 150/t d-o-d to INR 38,700/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices similarly declined by INR 100-200/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh fell by INR 200/t d-o-d to INR 43,500/t exw, with minimal trade activity today. Similarly, HR strip (patra) prices also declined by INR 200/t to INR 40,200/t exw. Over the past three working days, patra prices have declined by INR 800/t, driven by muted market sentiment and subdued demand.

Overview of Alang market

In Gujarat’s Alang, ship-breaking melting scrap prices market fell by INR 200/t d-o-d on 14 October. BigMint assessed HMS (80:20) at INR 30,000/t ex-yard. Semi-finished steel prices also slipped INR 300-400/t yesterday amid weak buying interest. Additionally, limited demand from Bhavnagar-based IF mills resulted in price adjustments by scrap suppliers. A source informed BigMint, “Approximately 45 vessels are currently available for breaking at Alang.”

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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 $323-$325/t, which equates to approximately INR 30,970/t (including freight). HMS (80:20) prices in Mumbai fell by INR 100/t d-o-d to INR 29,900/t DAP today. Indicative prices of shredded from Europe stood at $353-$355/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 11,900/t.

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