- Sponge iron prices increase by INR 100/t
- Semis, finished tags rise by INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 200/tonne (t) d-o-d to INR 34,100/t DAP on 11 November 2025.
Today’s market trend in Mandi Gobindgarh reflected mild upward momentum in steel prices, though trading activity remained limited. The rise in finished steel prices was largely driven by tight scrap availability and higher conversion margins rather than genuine demand recovery. Mill owners adjusted prices accordingly, but actual buying from end-users or traders was minimal, indicating a sentiment-led improvement rather than a demand-backed rally.
Alternative raw material prices
Among alternative steelmaking raw materials, prices of sponge iron (CDRI) in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 28,600/t DAP. The market saw no significant fluctuations in buying interest or supply.
On the other hand, steel-grade pig iron prices in Ludhiana fell by INR 200/t d-o-d to INR 35,000/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh witnessed a modest uptick of INR 200/t d-o-d to INR 38,900/t DAP. Similarly, ingot prices across major production hubs registered a gain of INR 100-300/t during today’s trading session, reflecting slight positive momentum.
Meanwhile, rebar (Fe500) prices in Mandi increased by INR 300/t d-o-d to INR 43,400/t ex-works amid rising input costs, though demand was subdued.
Although overall demand remained moderate, the recent increase in raw material prices has prompted Mandi-based mills to consider upward revisions in finished steel prices in an effort to maintain margins.
Overview of Alang market
BigMint’s assessment showed that ship-breaking melting scrap prices in Alang, Gujarat, climbed up by INR 300/t d-o-d on 11 November 2025. HMS (80:20) stood at INR 30,100/t ($339/t) ex-yard. Stronger inquiries for downstream steel products improved scrap demand, resulting in price hikes from suppliers.
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 4,700-5,000/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $322/t, approximately INR 30,704/t (inclusive of freight). HMS (80:20) in Mumbai moved up by 100/t d-o-d to INR 30,300/t DAP. Indicative prices of shredded from Europe stood at $352-$353/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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