- Scrap sellers lift offers today as semis trade improves
- Steel price drops to continue amid bearish demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/t d-o-d to INR 33,600/t DAP on 17 October 2025. However, on a w-o-w basis, scrap prices declined by INR 400/t, pressured by weak demand. Scrap sellers raised offers slightly following an uptick in trade activities for semi-finished steel material. Overall, market sentiment showed brief positivity but lacked sustained momentum.
A mill owner remarked that steel producers are facing mounting pressure amid weak buying interest and declining finished steel prices across regions. He added that market sentiment remains bearish, with expectations of further price corrections in the near term as demand recovery continues to lag.
Raw materials
Sponge iron (CDRI) prices in Mandi remained stable at INR 29,000/t DAP. In contrast, steel-grade pig iron prices in Ludhiana saw a d-o-d decline of INR 100/t, settling at INR 34,700/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 38,800/t DAP during the reporting and normalisation period. In major production centres, ingot prices showed mixed movement, with increases of INR 50-100/t in some regions, while others saw declines of INR 50-200/t. On a w-o-w basis, steel ingot prices in Mandi declined by INR 500/t amid slow trade activity.
Rebar (Fe500) prices in Mandi Gobindgarh held steady d-o-d at INR 43,200/t ex-works, reflecting a stable pricing environment. However, the market experienced a slowdown in trading activity.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 200/t d-o-d on 17 October, according to BigMint’s assessment. HMS (80:20) stood at INR 29,800/t ($339/t) exy. Limited demand for semi-finished and finished steel was observed in the region during yesterday’s trading session. Additionally, average trade activity in scrap prompted suppliers to reduce 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 $320-325/t, approximately INR 30,700/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 $352-354/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 12,500/t.
To see BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
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