- Scrap sellers lift offers amid uptick in semis prices
- Sponge iron, pig iron prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t d-o-d to INR 35,000/t DAP on 25 November 2025. Scrap sellers raised their offers in today’s session following a slight uptick in semi-finished steel prices. The market also experienced a shortage of scrap in the region, which is expected to further contribute to a rise in prices.
Alternative raw material prices
In the steelmaking raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 29,000/t DAP, while steel-grade pig iron prices in Ludhiana held steady at INR 35,000/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight increase of INR 200/t d-o-d, settling at INR 39,800/t DAP during the reporting and normalisation period. Other major production centres also recorded gains of INR 100-400/t during today’s trading.
As per sources, in the Mandi Gobindgarh market, a significant shortage of scrap has led to a temporary increase in billet prices. Many induction furnaces in the region are reportedly operating at only around 60-70% of their installed capacity due to limited availability of raw materials, particularly melting scrap. This reduced operational rate has directly tightened billet supply in the local market.
Rebar (Fe500) prices in Mandi remained stable d-o-d at INR 44,300/t ex-works, even as input cost pressures persisted.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 200/t d-o-d on 25 November, according to BigMint’s assessment. HMS (80:20) prices stood at INR 30,600/t ($343/t) exy. Trade activities for semi-finished and finished steel products slowed down in the region during yesterday’s trading session. Meanwhile, average demand for scrap by Bhavnagar-based IF mills prompted suppliers to reduce their offers 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 $315/t, approximately INR 30,300/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 29,800/t DAP today. 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 12,350/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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