- Sponge iron prices decrease by INR 300/t
- Semis, finished steel prices dip by INR 300-500/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 600/t to INR 33,000/t DAP on 23 October 2025.
Scrap prices in Mandi Gobindgarh declined by INR 500-600/t today, in line with the recent fall in finished steel prices. Market participants remained cautious, anticipating additional price corrections in the near term. Scrap arrivals were moderate as suppliers held back sales to avoid trading at lower margins, while buyers continued to expect further downside. Moreover, festive-week disruptions led to slower logistics movement, creating a near standstill in trading activity.
Raw material
Sponge iron (CDRI) prices in Mandi decreased by INR 300/t INR 28,700/t DAP. Steel grade pig iron prices in Ludhiana remained steady at INR 34,700/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh dipped by INR 500/t to INR 38,200/t DAP, pressured by sluggish demand and tightening conversion margins. Across key production hubs, ingot prices softened further, by INR 100-600/t d-o-d.
Rebar (Fe500) prices in Mandi decreased by INR 300/t to INR 42,900/t ex-works. HR strip prices declined by INR 500/t to INR 39,500/t ex-works.
Overview of others market
Scrap markets in Jalna, Chennai, Mumbai, and Raipur recorded no price changes today, as trading activity remained subdued amid the Diwali festive week and overall market uncertainty. A cautious sentiment prevailed, with limited participation observed in these regions. Meanwhile, the Gujarat market remained closed today in observance of the Gujarati New Year.
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/t, approximately INR 30,757/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 $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 12,550/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
Leave a Reply