India: BigMint’s ferrous scrap index remains stable for second consecutive day

• Sponge iron prices dip by INR 100/t d-o-d
• Finished steel tags fall by INR 100/t today

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 33,900/tonne (t) DAP on 06 November 2025.

Scrap prices in the region remained stable for the second consecutive day, with only slight fluctuations seen in a few grades. Limited scrap arrivals from neighbouring states was seen while the mills maintained a moderate level of procurement today. Meanwhile, demand for imported scrap was absent as buyers preferred to focus on scrap, given the price variations.

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh moved down by INR 100/t d-o-d to INR 28,600/t DAP, while steel-grade pig iron tags in Ludhiana remained stable at INR 35,200/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh inched up by INR 50/t d-o-d to INR 38,650/t DAP, with other key production hubs witnessing price decreases within the range of INR 100-200/t in today’s trading.

Rebar (Fe500) prices in Mandi slipped by INR 100/t to INR 43,200/t ex-works, despite ongoing input cost pressures. Meanwhile, HR strip (patra) prices decreased by INR 100/t to INR 39,900/t ex-works. The finished steel market faced pressure in today’s trading session, with activity remaining below moderate levels.

Overview of Alang market

On 6 November 2025, ship-breaking melting scrap prices in Gujarat’s Alang market dropped by INR 400/t d-o-d, with HMS (80:20) valued at INR 30,300/t ex-yard, according to BigMint’s assessment. Meanwhile, trade in semi-finished and finished steel products slowed down, and Bhavnagar-based induction furnace mills showed moderate demand for scrap, leading suppliers to lower their offers today.

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-$324/t, approximately INR 30,919/t (inclusive of freight). HMS (80:20) scrap in Mumbai has remained steady for the past three days, currently assessed at INR 30,300/t DAP. 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 12,150/t.

To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.