India: BigMint’s ferrous scrap index rises by INR 580/t w-o-w

• Sponge iron prices remains flat w-o-w
• Semis, finished steel prices improves by INR 600/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/t d-o-d to INR 35,900/t DAP on 5 December. However, the index increased by INR 580/t w-o-w.

Mandi Gobindgarh, India’s key secondary steel hub, exhibited positive price gains across all steel segments this week, driven by improved demand compared to the previous week. Mid-week raw material shortages emerged, compounded by subdued interest in imported scrap and GST checks at borders that constrained scrap inflows. Local steel producers remain optimistic for modest upward momentum followed by stable price trends in the near term.

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 200/t d-o-d, reaching INR 29,000/t DAP. W-o-w, sponge iron prices remained steady in the region.

Meanwhile, steel-grade pig iron prices in Ludhiana fell by INR 50/t to INR 34,900/t DAP, but due to limited buying interest, prices decreased by INR 100/t on a weekly basis.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight decrease of INR 200/t d-o-d, settling at INR 40,700/t DAP. Other major production centres also recorded declines of INR 100-200/t during today’s trading. However, on a weekly basis, ingot prices in Mandi saw a increase of INR 660/t.

Meanwhile, rebar (Fe500) prices in Mandi remained steady d-o-d at INR 45,300/t ex-works, despite input cost pressures. However, on a weekly basis, rebar prices rose by INR 585/t, with a moderate trading trend.

Overview of Alang market

Alang, Gujarat, ship-breaking melting scrap prices remained flat day-over-day on 5 Dec’25, according to BigMint, valuing HMS (80:20) at INR 31,500/t ex-yard. Suppliers kept offers unchanged amid relatively soft buying from Bhavnagar IF mills, despite yesterday’s increases in regional semi-finished and finished steel prices.

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 $314-$317/t, approximately INR 30,708/t (inclusive of freight). HMS (80:20) in Mumbai decreased by INR 100/t to INR 30,300/t DAP. Indicative prices of shredded from Europe stood at $345/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 13,150/t.

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