- Sponge iron prices dip by INR 380/t w-o-w
- Finished steel prices decrease by INR 270/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 35,300/t DAP on 19 December 2025. However, the index decreased by INR 320/t w-o-w due to limited demand and unclear market movement.
Scrap demand in Mandi Gobindgarh remained moderate as a sharp rise in semi-finished steel prices, along with weak finished steel demand, created uncertainty among buyers and sellers. Although mills anticipated some positive movement in steel prices, reflected in today’s market sentiment, trade activity remained limited amid cautious buying and an unclear outlook.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi increased by INR 100/t d-o-d to INR 28,400/t (DAP). On a w-o-w basis, prices declined by around INR 380/t.
Steel-grade pig iron prices in Ludhiana inched up by INR 100/t d-o-d to INR 35,100/t (DAP). On a weekly basis, prices improved by INR 200/t in the region.
Steel market
Semi-finished steel (ingot/billet) prices in Mandi Gobindgarh climbed by INR 400/t d-o-d to INR 40,300/t (DAP). Ingot prices across key production centres also improved by INR 200-500/t d-o-d, while in Mandi, ingot prices remained stable w-o-w amid moderate demand.
Rebar (Fe 500) prices in Mandi edged up by INR 200/t d-o-d to INR 44,700/t ex-works, a decrease of around INR 270/t w-o-w. Inventory pressure and limited demand from neighbouring states weighed on local Mandi TMT makers.
Meanwhile, HR strip prices increased by INR 500/t d-o-d to INR 40,700/t ex-works, with weekly prices down by INR 316/t.
Overview of other markets
On 19 Dec’25, Gujarat’s Alang market recorded a marginal rise of INR 100/t d-o-d in ship-breaking melting scrap prices, with HMS (80:20) assessed at INR 30,900/t exy, according to BigMint. Increased demand for semi-finished and finished steel and better buying interest from Bhavnagar mills supported the gain.
Rebar (Fe 500) prices on the Mumbai IF market increased by INR 100 to INR 45,300/t ex-works, supported by improved market sentiment. Trading activity was good, with manufacturers quoting higher offers, while buyers continued to procure actively amid steady demand from both the project segment and retail markets. Dispatches of previously booked material were also smooth, further lending support to prices.
On the raw material side, HMS (80:20) scrap was assessed at INR 30,900/t DAP, with the scrap–billet conversion spread hovering around INR 9,100/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 4,700-5,100/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $320/t, approximately INR 30,993/t (inclusive of freight). HMS (80:20) in Mumbai increased by INR 200/t d-o-d to INR 30,900/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 14,500/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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