- Some sellers hold back stocks, supply tighten
- Sponge iron prices increase by INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, edged up by INR 200/t d-o-d to INR 33,300/t DAP on 04 November 2025. Scrap prices rose amid tight supply conditions, while ongoing GST inspections continued to disrupt operations in Mandi. There was also an increase in scrap purchases in Mandi, supported by demand for semi-finished and finished steel products.
A mill owner informed BigMint, “Imported scrap buying is absent in Mandi due to price disparities and viability concerns. Meanwhile, the domestic scrap market is performing well as mills continue to procure scrap at above moderate levels. However, scrap suppliers are holding back their stocks, anticipating a more positive shift in the steel market in the coming days.”
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 28,900/t DAP, while steel-grade pig iron tags in Ludhiana fell by INR 250/t to INR 35,200/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh rose by INR 200/t d-o-d to INR 38,700/t DAP, with other key production hubs also witnessing price gains of INR 100-600/t during today’s trading. In today’s session, ingot prices in Ahmedabad recorded a sharp rise of INR 600/t.
Rebar (Fe500) prices in Mandi increased by INR 300/t d-o-d to INR 43,300/t ex-works, even as input cost pressures persisted.
HR strip (patra) prices in Mandi moved up by INR 200/t d-o-d to INR 40,200/t on an ex-works. Demand for patra increased in Mandi, as mills expect some positive momentum in the secondary steel market.
Overview of Jalna market
In the Jalna market of western India, HMS (80:20) scrap prices remained stable at INR 30,500/t, while rebar prices declined by INR 100/t d-o-d to INR 42,500/t. Billet prices also eased by INR 200/t d-o-d to INR 37,300/t. Trading momentum slowed slightly over the past few sessions, even as scrap supplies to mills remained consistent. Market sentiment suggests a largely range-bound trend in the regional steel market in the coming days.
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 30,761/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at 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 12,050/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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