- Sponge iron prices remain unchanged d-o-d
- Semis tags dip by INR 300/t, rebar holds firm
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/tonne (t) d-o-d to INR 32,800/t DAP on 27 October 2025.
Scrap prices in Mandi Gobindgarh continued to fall amid a sluggish and largely inactive steel market, as buying activity was muted. Mills procured scrap strictly as per their immediate requirements. Although scrap inflows were somewhat slow, the situation was manageable, as medium-scale mills have been operating at around 50-60% of their capacity.
The imported scrap market in Mandi has remained subdued for an extended period, with buyers continuing to opt for domestic material due to better cost efficiency. Imported scrap currently stands about INR 2,000/t higher than domestic offers. Bid-offer disparities were also observed in the imported scrap market.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 28,500/t DAP, while steel-grade pig iron tags in Ludhiana also stayed stable at INR 34,500/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 300/t d-o-d, settling at INR 38,000/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-300/t during today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh held steady d-o-d at INR 42,700/t ex-works, despite persistent input cost pressures and inventory challenges.
Meanwhile, HR strip (patra) prices in the Mandi market softened by INR 100/t to INR 39,200/t ex-works.
Overview of Alang market
Gujarat’s Alang market witnessed a marginal rise of INR 200/t d-o-d in ship-breaking melting scrap prices to INR 30,000/t ex-yard on 27 October, BigMint assessed. The gain came amid moderate activity in semi-finished and finished steel and steady demand, leading suppliers to firm up offers.
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 $324/t, approximately INR 30,795/t (inclusive of freight). HMS (80:20) in Mumbai rose by INR 100/t d-o-d to INR 29,600/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 12,450/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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