India: BigMint’s ferrous scrap index gains INR 200/t d-o-d; moderate market trend

• Raw material prices remains stable d-o-d
• Semis, finished steel prices up by INR 200-500/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 35,500/t DAP on 27 Nov. Both trading sessions remained positive with price gains across segments in Mandi Gobindgarh market on Thursday, however, finished steel demand remained moderatedue to a visible scrap shortage in the midstream.​ This supply constraint is exerting upward pressure on prices in other steel categories.​ Overall sentiment points to rising prices outpacing grath in demand.

Raw material

Prices of raw materials in the Mandi Gobindgarh market remained stable d-o-d, with sponge iron (CDRI) priced at INR 29,200/t DAP. Meanwhile, steel grade pig iron prices in Ludhiana also held steady at INR 35,000/t DAP.​

This price stability reflects balanced supply conditions amid steady demand in these key raw material segments.

Steel market

In Mandi Gobindgarh, semi-finished steel (ingot) prices surged INR 200/t day-on-day to INR 40,300/t DAP, with intraday gains of INR 100-700/t across major hubs.​

Rebar (Fe500) prices climbed INR 500/t to INR 45,000/t ex-works, while HR strip (patra) rates rose INR 200/t to INR 41,300/t ex-works.​ Demand remains moderate in the region, limited to routine trades, with moderate price movements expected in the near term.​

Overview of Mumbai market

Rebar (Fe 500) prices on the Mumbai IF route rose slightly by INR 100/t to INR 42,800/t ex-works, amid moderate trading volumes supported by improved demand.​
On the raw material side, HMS (80:20) scrap prices held at INR 30,000/t DAP, resulting in a scrap-to-billet conversion spread of approximately INR 8,800/t.

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 30,627/t (inclusive of freight). HMS (80:20) in Mumbai increased by INR 200/t to INR 30,000/t DAP. Indicative prices of shredded from Europe stood at $345/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 12,500/t.

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