- Sponge iron prices stay flat at INR 29,000/t
- Finished steel tags dip by INR 200/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, held steady d-o-d at INR 34,700/t DAP on 19 November 2025.
The Mandi secondary steel market continues to experience only moderate demand for finished steel, while conversion margins remain under significant pressure for local mills. Scrap availability has tightened further due to liquidity constraints, with delayed payments slowing down the inflow of material into the region. Market participants also attribute reduced scrap arrivals to stricter GST compliance checks, which have added another layer of friction to trade flows. Collectively, these factors are keeping sentiment cautious and limiting operational flexibility for mills in the area.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi remained stable at INR 29,000/t DAP. In contrast, steel grade pig iron prices in Ludhiana saw a d-o-d decline of INR 100/t, settling at INR 35,100/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh remained unchanged d-o-d at INR 39,500/t DAP during the reporting and normalisation period. Across key production hubs, ingot prices softened further, by INR 100-300/t d-o-d.
In the finished steel segment, rebar (Fe500) prices declined slightly by INR 200/t, and are currently assessed at INR 44,000/t ex-works.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang market dropped by INR 100/t d-o-d on 19 Nov’25. According to BigMint’s assessment, HMS (80:20) stood at INR 30,900/t ($349/t) ex-yard. Semi-finished and finished steel prices fell by INR 100-200/t in the region due to average trade activities. This, along with moderate scrap trading activity, prompted suppliers to adjust their offers downward today.
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 remained stable d-o-d at INR 29,600/t DAP today. Indicative prices of shredded from Europe stood at $345-$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 11,950/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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