India: BigMint’s ferrous scrap index rises d-o-d despite silent steel market

• Tight supply, moderate trading lift scrap prices
• Semi-finished steel prices increase by INR 100/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 33,900/t DAP on 10 November 2025.

Scrap prices in Mandi Gobindgarh edged up by INR 200/t d-o-d, supported by moderate trade activity and a persistent shortage in the main market. However, finished steel sales remained sluggish as local mills continued to grapple with inventory pressure and elevated conversion costs, presenting a significant challenge for steelmakers in this key secondary hub.

Alternative raw material prices

In the steelmaking raw materials segment, sponge iron (CDRI) prices in Mandi Gobindgarh moved down by INR 100/t d-o-d to INR 28,500/t DAP, while steel-grade pig iron tags decreased by INR 100/t to INR 35,200/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh inched up by INR 100/t d-o-d to INR 38,700/t DAP, with other key production hubs witnessing hikes of INR 100-200/t in today’s trading.

Rebar (Fe500) prices in Mandi remained stable d-o-d at INR 43,100/t ex-works, despite ongoing input cost pressures. Meanwhile, HR strip (patra) prices decreased by INR 100/t d-o-d to INR 39,800/t ex-works. The finished steel market faced pressure in today’s trading session, with activity remaining below moderate levels.

Overview of Mumbai market

Rebar (Fe 500) prices on the Mumbai IF route decreased by INR 200/t d-o-d to INR 42,800/t exw. Market activity was subdued, with buyers limiting purchases to immediate requirements. HMS 80:20 was priced at INR 30,200/t DAP, while the conversion spread between scrap and billet stood at approximately INR 7,300/t.

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 4,700-5,000/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $322/t, approximately INR 30,757/t (inclusive of freight). HMS (80:20) in Mumbai remained steady d-o-d at INR 30,200/t DAP. Indicative prices of shredded from Europe stood at $352-$353/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 check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.