India: BigMint’s ferrous scrap index remains stable for 2nd consecutive day

• Sponge iron prices slip by INR 200/t d-o-d
• Finished steel tags dip by INR 200/t today

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 33,500/tonne (t) DAP on 16 October 2025. Scrap prices in the region remained unchanged for the second consecutive day amid limited trade activity. Domestic scrap inflow in Mandi Gobindgarh continued to be adequate, while subdued demand for finished steel kept market sentiment weak.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh dropped by INR 200/t d-o-d today to INR 29,000/t, whereas steel-grade pig iron in Ludhiana held firm at INR 34,800/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh edged up by INR 100/t d-o-d to INR 38,700/t DAP amid limited trading activity across both sessions today. Other major production centres also recorded price drops in the range of INR 200-500/t, while a few regions remained stable amid subdued or paused trading activity today.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 200/t d-o-d to INR 43,200/t ex-works, while HR strip (patra) prices softened by INR 100/t to INR 40,000/t ex-works. The finished steel market remained largely stagnant as buyers awaited further price corrections. With the upcoming festive week expected to bring muted trading due to holidays, limited offtake is likely to exert additional pressure on mills facing rising inventory levels.

Overview of Alang market

On 16 October, ship-breaking melting scrap prices in Alang, Gujarat, remained unchanged, with HMS (80:20) assessed by BigMint at INR 30,000/t ($342/t) ex-yard. Average trading in the semi-finished and finished steel segments and routine buying by Bhavnagar IF mills kept the market stable.

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 $322/t, approximately INR 30,509/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable at INR 29,900/t DAP today. Indicative prices of shredded from Europe stood at $352/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 12,300/t.

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