- Persistent supply shortages continue to lift scrap prices
- Elevated finished steel inventories weigh on production
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 100/tonne (t) d-o-d to INR 34,500/t DAP on 14 November 2025. This week, scrap prices in Mandi witnessed a sharp increase of INR 350-480/t.
Mandi Gobindgarh, a key hub in India’s secondary steel market, witnessed a slight improvement in steel demand this week, with positive sentiment seen across various segments.
Domestic steel scrap prices continued to rise due to persistent supply shortages, while improved buying activity was also seen in both Mandi Gobindgarh and Ludhiana regions. However, inventory pressure in finished steel remained a concern for local manufacturers, potentially influencing production trends in the coming weeks.
Latest imported scrap deals
A leading Indian stainless steel manufacturer has recently booked 8,000-10,000 t of shredded scrap at $347-$348/t, with the entire consignment destined for the east coast (Vizag).
Alternative raw material prices
In the steelmaking raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 28,800/t DAP. Sponge iron prices showed stability this week, with marginal changes observed.
Meanwhile, steel-grade pig iron prices in Ludhiana moved up by INR 200/t d-o-d to INR 34,800/t DAP. However, due to sluggish buying interest from mills, prices declined by INR 415/t w-o-w.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh increased by INR 100/t d-o-d, settling at INR 39,300/t DAP. Other major production centres also recorded an increase of INR 100-400/t during today’s trading. Meanwhile, w-o-w, ingot prices in Mandi saw a healthy increase of INR 475/t.
Rebar (Fe500) prices in Mandi were up by INR 100/t d-o-d at INR 43,700/t ex-works. Additionally, w-o-w, tags rose by INR 350/t amid improved trading.
Overview of Alang market
Gujarat’s Alang market saw stable ship-breaking melting scrap prices d-o-d on 14 November. According to BigMint, HMS (80:20) was traded at INR 30,500/t ex-yard. The market experienced balanced trading in the semi-finished and finished steel segments, supporting steady prices among scrap 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 4,600-4,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $319-320t, approximately INR 30,491/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 29,700/t DAP. Indicative prices of shredded from Europe stood at $350-$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 11,750/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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