- Sponge iron prices remains stable w-o-w
- Semis, finished tags rise INR 200-300/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 200/tonne (t) d-o-d to INR 35,300/t DAP on 28 Nov. However, the index increased by INR 330/t w-o-w.
The week began on a positive note with a moderate price increase and above-average steel demand, but today’s market turned sluggish as buyer participation remained weak throughout both trading sessions.
Scrap shortage continues to challenge mills, squeezing conversion margins and prompting a noticeable shift toward sponge iron. Imported scrap bookings have also begun, though in a cautious, limited manner. Domestic steel scrap prices in the region increased by INR 300-400/t on a weekly basis across all grades.
On a weekly basis, prices have strengthened across the raw material and finished steel segments, contributing to mildly positive sentiment. However, mill owners expect only moderate movement in the near term, with the possibility of small price corrections as the market stabilizes.
Raw material
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 29,200/t DAP. W-o-w, sponge iron prices also remained constant.
Meanwhile, steel-grade pig iron prices in Ludhiana stayed stable d-o-d at INR 35,000/t DAP. However, due to slow buying, prices declined by INR 185/t on a weekly basis.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight decrease of INR 100/t d-o-d, settling at INR 40,200/t DAP. Other major production centres also recorded declines of INR 100-400/t during today’s trading. However, on a weekly basis, ingot prices in Mandi saw a marginal increase of INR 200/t.
Meanwhile, rebar (Fe500) prices in Mandi dipped by INR 200/t d-o-d to INR 44,800/t ex-works, despite input cost pressures. However, on a weekly basis, rebar prices rose by INR 330/t, with a moderate trading trend.
Alang market
On 28 Nov’25, Alang’s ship-breaking melting scrap market showed no d-o-d movement. HMS (80:20) held firm at INR 31,100/t ($348/t) ex-yard, as per BigMint. Even with the recent uptick in semi-finished steel prices, limited purchasing interest from Bhavnagar IF mills led suppliers to maintain stable quotes.
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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 4,600-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318/t, approximately INR 30,651/t (inclusive of freight). HMS (80:20) in Mumbai remained stable at 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 12,400/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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