India: BigMint’s ferrous scrap index remains stable d-o-d in muted steel market

• Sponge iron prices fell by INR 100/t d-o-d
• Semis, finished steel prices holds firm d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 34,800/tonne (t) DAP on 15 December 2025.Mandi Gobindgarh, a key secondary steel hub, saw a muted trading session today, with semi-finished and finished steel prices largely unchanged day-on-day amid cautious buying activity. Scrap procurement remained moderate, as suppliers continued to quote at previous price levels. Mills anticipate only limited price movement in the near term.

A mill owner informed “Imported scrap purchases stayed subdued in Mandi Gobindgarh, weighed down by ample cheaper domestic supplies, wide bid-offer gaps, and soft demand for finished steel in the region.”

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t to INR 28,300/t DAP, while steel-grade pig iron prices in Ludhiana remained steady at INR 34,800/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh held firm d-o-d at INR 38,600/t DAP, with other key production hubs witnessing price increases within the range of INR 100-400/t in today’s trading.

Rebar (Fe500) prices in Mandi remained stable d-o-d at INR 44,300/t ex-works, despite ongoing input cost pressures. Meanwhile, HR strip (patra) prices declined by INR 300/t d-o-d to INR 39,800/t ex-works.

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Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,600-5,000/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318-$320/t, approximately INR 31,228/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 30,300/t DAP. Indicative prices of shredded from Europe stood at $348-350/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 13,850/t.

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

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