India: BigMint’s ferrous scrap index drops as cautious sentiment prevails in market

• Buyers conclude deals to meet immediate needs
• Trade sentiment weak amid steady drop in long steel prices

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 36,300/t DAP on 11 June 2025. The Mandi steel market witnessed a cautious sentiment today, driven by sluggish demand in both semi-finished and finished steel.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi remained firm d-o-d at INR 29,300/t DAP. Steel-grade pig iron prices in Ludhiana increased by INR 100/t to INR 36,100/t DAP.

Steel market trends

In Mandi Gobindgarh, steel ingot prices remained stable d-o-d at INR 41,600/t DAP during the reporting and normalisation period. In other regions, semi-finished steel prices registered a drop of INR 100-150/t d-o-d.

Rebar prices in Mandi remained steady d-o-d at INR 46,900/t exw. The softening in prices reflects the overall cautious sentiment in the market, with limited trading activity and buyers largely operating on a need-only basis.

Overview of Alang market

Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 11 June. According to BigMint’s assessment, HMS (80:20) prices were at INR 32,700/t ($382/t) ex-yard. During yesterday’s trading session, semi-finished and finished steel prices held steady in the region, and trade activity was moderate. This stability in downstream prices led scrap suppliers to keep their offers firm today.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,100-5,400/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $340-345/t, which equates to approximately INR 31,600/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 200/t to INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $360-365/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 15,200/t.

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

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