India: BigMint’s ferrous scrap index holds steady amid moderate market activity

• Raw material to finished steel spread remains stable
• Moderate steel demand seen in Mandi market

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained steady d-o-d and assessed at INR 35,600/t DAP on 18 August 2025. Mandi steel market witnessed moderate scrap buying after a three-day holiday gap. Most large mills maintained healthy raw material stock levels, limiting fresh purchases. Demand in the semi-finished and finished segments remained steady but within a restricted range.

Raw materials

Sponge iron prices in Mandi held steady at INR 30,000/t DAP, showing no d-o-d change. Meanwhile, pig iron prices in Ludhiana saw a marginal rise of INR 50/t, reaching INR 35,750/t DAP.

Steel market trend

The semi-finished steel market in Mandi Gobindgarh remained stable d-o-d, with prices assessed at INR 40,500/t DAP. Across major steel hubs, the market witnessed mixed trends, with price corrections of INR 100-300/t in some regions, while others recorded price increases of INR 100-400/t.

In the finished steel segment, Rebar (Fe500) prices in Mandi held steady at INR 45,400/t ex-works, showing no d-o-d change. Similarly, HR strip (patra) prices also remained stable at INR 42,700/t ex-works, reflecting an overall moderate market trend.

Overview of Alang market

On 18 August 2025, ship-breaking scrap prices in Gujarat’s Alang market saw a dip of INR 100/t, with HMS (80:20) assessed at INR 31,500/t ex-yard, as per BigMint. Market sentiment remained subdued due to a prolonged weekend and recent festive disruptions. Scrap buying activity stayed average, prompting sellers to revise their offers lower.

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Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,800-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $335/t, which equates to approximately INR 31,465/t (including freight). HMS (80:20) prices in Mumbai remained steady at INR 31,500/t DAP today. Indicative prices of shredded from Europe stood at $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 13,500/t.

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