India: BigMint’s ferrous scrap index climbs to 6-month high as steel prices improve

• Steel demand drives Mandi scrap prices
• Pig iron prices rise by INR 500/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 300/tonne (t) d-o-d to INR 36,800/t DAP on 30 December 2025. Thus, prices have climbed to a six-month high, as per BigMint assessment. Over the past three days, ingot prices in Mandi increased by INR 1,000/t to INR 42,000/t, supported by a sudden improvement in demand across the value chain.

However, scrap prices could not rise further due to ample availability from nearby states. Market sources indicated that scrap inflows into the region remain elevated, resulting in congestion at mill yards. Several vehicles were reportedly unable to unload, as most mills currently hold sufficient inventories and are declining fresh deliveries.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 100/t d-o-d to INR 29,300/t DAP. Steel grade pig iron prices in Ludhiana also saw a d-o-d rise of INR 500/t, settling at INR 37,500/t DAP.

Steel market trend

The semi-finished steel market in Mandi Gobindgarh recorded a d-o-d increase of INR 300/t, with current prices assessed at INR 42,000/t DAP during the reporting and normalisation period. Across major steel hubs, prices increased by INR 100-800/t, reflecting a positive trend. Notably, Ahmedabad witnessed a sharp rise of INR 800/t, driven by active trade and firm demand.

Similarly, in the rebar (Fe500) segment, Mandi prices increased by INR 300/t d-o-d to INR 46,800/t exw, supported by moderate demand.

Overview of Alang market

Ship-breaking melting scrap prices in Gujarat’s Alang market rose by INR 600/t d-o-d on 30 December. HMS (80:20) prices were assessed at INR 32,700/t ($364/t) exy. The regional steel market witnessed active trading, supported by a rise of INR 1,100-1,400/t in semis and finished steel prices. Additionally, strong buying enquiries for scrap encouraged suppliers to raise their offers today.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,000-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $324-326/t, approximately INR 31,400/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 31,300/t DAP. Indicative prices of shredded from Europe stood at $350-$354/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 15,100/t.

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

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