- Sponge iron prices increase by INR 100/t
- Finished steel prices inch up by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 34,700/t DAP on 18 November 2025.
A mill owner informed: “Imported scrap supplies to Mandi Gobindgarh mills are currently being offered at around $350/t for PNS scrap and $335/t for HMS 1 scrap CFR West Coast, sourced mainly from South America and Bahrain. Despite these competitive prices, only the big consumers are actively participating in booking imports, while the smaller mills remain largely inactive due to liquidity constraints.”
Another mill owner informed: “Most major mills in the region are operating at around 90% to 100% of their production capacity. However, big mills manage scrap payments with a delay of 12-15 days, while mid-sized mills generally take 15-20 days to clear payments to scrap suppliers.”
A scrap supplier said, “Due to delayed payments, scrap suppliers are cautious and preferentially selling only to the bigger mills or those with prompt payment records. Consequently, the medium and smaller mills are facing difficulties in securing scrap, as suppliers avoid extending credit or taking risks with delayed payments. This cautious selling approach by scrap suppliers is further limiting scrap availability to smaller units.”
Raw material
Prices of sponge iron (CDRI) in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 29,000/t DAP. On the other hand, steel-grade pig iron prices in Ludhiana remained steady d-o-d at INR 35,200/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 39,500/t DAP. Similarly, ingot prices across major production hubs registered a decrease of INR 100-200/t during today’s trading session.
Meanwhile, rebar (Fe500) prices in Mandi increased by INR 100/t d-o-d to INR 44,200/t ex-works.
Overview of Alang market
On 18 November, melting scrap prices in Alang’s ship-breaking market stayed stable, according to BigMint, which valued HMS (80:20) at INR 31,000/t ($450/t) ex-yard. The region saw higher semi-finished steel prices from the previous day but modest scrap demand from Bhavnagar IF mills kept supplier offers flat.
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 4,600-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318/t, approximately INR 30,365/t (inclusive of freight). HMS (80:20) in Mumbai moved down by 200/t d-o-d to INR 29,600/t DAP. Indicative prices of shredded from Europe stood at $345-$346/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 11,950/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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