India: BigMint’s ferrous scrap index dips by INR 300/t d-o-d on muted steel market sentiments

• Raw material prices dip by INR 200/t d-o-d
• Semis, finished steel prices decrease by INR 100-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/t to INR 37,700/t DAP on 14 April 2025. The Mandi steel market witnessed a downtrend today, with muted buying activity observed throughout the trading session. Due to weak demand, scrap suppliers lowered their offers in response to subdued market sentiment.

In the near term, Mandi mill owners expect the market to remain rangebound between INR 43,000-44,000/t. A breakout above this range is likely only if demand improves significantly.

Raw material prices

Sponge iron (CDRI) prices in Mandi fell by INR 200/t to INR 32,300/t DAP on a d-o-d basis. In Ludhiana, steel-grade pig iron also recorded a INR 200/t drop, with prices now at INR 38,700/t DAP.

Steel market overview

Steel ingot prices in Mandi dipped by INR 250/t d-o-d to INR 43,600/t DAP. Meanwhile, semi-finished steel prices in major markets fell by INR 100-500/t.

Rebar (Fe 500) prices in Mandi declined by INR 100/t, settling at INR 48,800/t ex-works. Similarly, HR strip (patra) prices saw a sharper drop of INR 300/t d-o-d, reaching INR 45,600/t ex-works. The downward trend reflects a softening in local market sentiment.

Overview of Alang market

Alang’s ship-breaking market witnessed stable melting scrap prices on 14 April. HMS (80:20) was assessed at INR 35,000/t ex-yard, according to BigMint. Moderate transactions in the semi-finished and finished steel segments, coupled with consistent scrap buying, influenced suppliers to keep prices unchanged.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $360/t, which equates to approximately INR 33,195/t (including freight). Today, local HMS (80:20) prices in Mumbai decreased by INR 100/t to INR 33,900/t DAP. Indicative prices of shredded from Europe stood at $385-$390/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 15,500/t.

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