- Sponge iron prices surge by INR 400/t w-o-w
- Ingot, rebar prices jump INR 600-670/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 34,900/t DAP on 21 November 2025. However, the index increased by INR 550/t w-o-w. In the region, prices of other grades of scrap also increased, by INR 500-550/t w-o-w.
Overall, steel demand in Mandi Gobindgarh improved this week, but no significant surge was observed. Mill owners remained cautiously optimistic, expecting positive momentum; however, supply chain disruptions due to scrap shortages and stringent quality checks hampered smooth workflow in the market.
Domestic scrap continued to be the preferred choice for local mills over imported scrap, mainly due to a notable price differential. Imported scrap offers were $10-12/t higher than domestic material.
Imported HMS offers from Gulf countries for Mandi mills were in the range of $330-335/t CFR west coast India.
Alternative raw material prices
In the steelmaking raw materials segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 29,200/t DAP. W-o-w, sponge iron prices increased by INR 400/t amid higher demand due to a scrap shortage.
Meanwhile, steel-grade pig iron prices in Ludhiana remained steady d-o-d at INR 35,200/t DAP, but due to active buying, prices increased by INR 370/t w-o-w.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight decrease of INR 100/t d-o-d to INR 39,700/t DAP. Other major production centres also recorded declines of INR 100-200/t during today’s trading. However, on a w-o-w basis, ingot prices in Mandi increased by INR 600/t.
Meanwhile, rebar (Fe500) prices in Mandi remained steady d-o-d at INR 44,400/t ex-works, despite input cost pressures. However, on a w-o-w basis, rebar prices rose by INR 670/t amid moderate trading activity.
Overview of Alang market
Ship-breaking melting scrap prices in Alang, Gujarat, were stable d-o-d on 21 November 2025. BigMint assessed HMS (80:20) prices at INR 30,800/t ex-yard. Amid flat pricing in semi-finished and finished steel and moderate scrap trade activity, suppliers opted to maintain their current offers.
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 4,600-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318/t, approximately INR 30,441/t (inclusive of freight).HMS (80:20) prices in Mumbai have remained stable for the last four days at INR 29,600/t DAP. Indicative prices of shredded from Europe stood at $348/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 12,100/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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