India: BigMint’s ferrous scrap index edges up on positive market sentiment

• Sponge iron prices remain flat d-o-d
• Semi-finished steel prices up INR 100/t 

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 35,800/t DAP on 24 December 2025.

Mandi Gobindgarh, India’s key secondary steel hub, is experiencing robust scrap inflows at higher levels alongside strong procurement by local mills, reflecting a positive trend in the semi-finished and finished steel market. This healthy raw material momentum underscores sustained buying interest and operational confidence among secondary producers, as they secure stocks to capitalise on favourable demand cues ahead.

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained steady d-o-d at INR 28,600/t DAP, while steel-grade pig iron prices in Ludhiana rose by INR 250/t to INR 36,250/t DAP. Due to the continuous increase in pig iron prices, local cast iron suppliers also raised their offers by up to INR 500-700/t today.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh rose INR 100/t d-o-d to INR 40,800/t DAP, with other key production hubs witnessing price increases within the range of INR 100-200/t in today’s trading.

Rebar (Fe500) prices in Mandi remained stable at INR 45,300/t ex-works amid overall moderate demand observed in the market. Meanwhile, HR strip (patra) prices gained INR 100/t to INR 41,500/t ex-works.

Overview of Jalna market

In the western India-based Jalna market, HMS (80:20) scrap prices edged up by INR 100/t to INR 29,600/t. In contrast, billet prices declined by INR 200/t to INR 40,100/t, while rebar prices remained stable at INR 45,600/t.

According to sources, local mills are sourcing billets from neighbouring states where prices are lower compared with offers by local billet sellers. Meanwhile, scrap offers have largely remained stable in the region. Adequate scrap availability at current price levels has encouraged mills to maintain their existing procurement volumes.

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 4,700-5,100/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $318/t, approximately INR 30,841/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 31,000/t DAP. Indicative prices of shredded from Europe stood at $347-$348/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 14,550/t.

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

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