India: BigMint’s ferrous scrap index remains flat d-o-d as supply shortage continues

• Guru Nanak Jayanti brings market to standstill
• Sponge iron prices decline by INR 200/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 33,900/t DAP on 5 November 2025. Owing to Guru Nanak Jayanti, market activity was largely at a standstill today, with minimal trading noted in the Mandi Gobindgarh and Ludhiana regions.

In Mandi, limited scrap availability is likely to provide short-term price support, as stringent inspections at state borders have hindered inflows from neighbouring regions.

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh slid by INR 200/t d-o-d to INR 28,700/t DAP, while steel-grade pig iron tags in Ludhiana remained stable 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 38,600/t DAP, with other key production hubs also witnessing a decrease of INR 100-350/t during today’s trading.

Rebar (Fe500) prices in Mandi remained stable d-o-d at INR 43,300/t ex-works, as input cost pressures persisted.

Overview of Alang market

On 5 November, Alang’s ship-breaking melting scrap market saw prices rise by INR 400/t from the previous day. HMS (80:20) was traded at around INR 30,700/t ex-yard amid an INR 300/t uptick in semi-finished steel and firm buying inquiries from mills.

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 4,800-5,000/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $322/t, approximately INR 30,800/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 30,300/t DAP today. Indicative prices of shredded from Europe stood at $352/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 12,100/t.

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

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