- Strict checks at state borders tighten supply
- Semis, finished prices dip by INR 100-200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 33,700/t DAP on 3 November 2025.
A mill owner informed BigMint, “In Mandi Gobindgarh, demand for HR strips (patra) remained moderate today, with market activity continuing at a slower pace compared to the past few weeks. However, steelmakers expect a positive shift in market sentiment in the coming days. A shortage of scrap is also expected to lend short-term support to prices, as strict inspections at state borders have disrupted scrap inflows from neighbouring regions.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 28,700/t DAP, while steel-grade pig iron prices increased by INR 650/t to INR 35,450/t DAP due to an ongoing shortage of specific-grade material in the region.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 100/t d-o-d, settling at INR 38,500/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 fell by INR 200/t to INR 43,100/t ex-works. Meanwhile, HR strip (patra) prices in the Mandi market remained stable d-o-d at INR 40,000/t ex-works amid moderate demand.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route increased by INR 100/t d-o-d to INR 42,700/t exw amid improved demand post Diwali. Retailers’ demand improved after the resumption of construction activities. On the raw material side, HMS (80:20) was assessed at INR 30,300/t DAP, while the scrap-billet conversion spread stood at around INR 7,900/t.
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 4,800-5,000/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $322/t, approximately INR 30,785/t (inclusive of freight). HMS (80:20) in Mumbai increased by INR 100/t d-o-d to INR 30,300/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 12,250/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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