- Raw material prices remain stable d-o-d
- Semi-finished, finished steel prices rise
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 300/t to INR 33,100/t DAP on 29 October 2025. Scrap sellers raised their offers in today’s session following a slight uptick in the semi-finished steel market. The market also experienced a shortage of scrap in the region, which is expected to further contribute to a rise in prices.
Raw material
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable day-on-day at INR 28,500/t DAP, while steel-grade pig iron prices in Ludhiana held steady at INR 34,300/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight increase of INR 200/t, settling at INR 38,200/t DAP. Other major production centers also recorded gains of INR 100-600/t during today’s trading.The sharpest price rise was registered in Ghaziabad, prices surged by INR 600/t compared to the previous day.
Meanwhile, rebar (Fe500) prices in Mandi rose by INR 100/t to INR 42,600/t ex-works, despite input cost pressures. Buoyed by stronger demand, HR strip (patra) prices climbed INR 400/t, reaching INR 39,500/t on an ex-works basis.
Overview of others market
In the western India-based Jalna market, billet and HMS (80:20) scrap prices remained stable at INR 37,000/t and INR 28,700/t, respectively, while rebar prices inched up by INR 100/t to INR 42,100/t. Improved trading activity was observed in finished steel during today’s session, indicating slight demand recovery. Stable scrap offers continue to support mill operations, allowing producers to procure material as per requirement without significant cost pressure.
As of 29 October 2025, ship-breaking melting scrap prices in Alang, Gujarat, remained stable day-on-day, BigMint reporting HMS (80:20) at INR 29,900/t ($339/t) ex-yard. Average volumes of semi-finished and finished steel were traded yesterday, and moderate demand for scrap from Bhavnagar’s IF mills led suppliers to keep prices unchanged.
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 4,900-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $324/t, approximately INR 30,782/t (inclusive of freight). HMS (80:20) in Mumbai moved up by INR 200/t to INR 29,800/t DAP today. Indicative prices of shredded from Europe stood at $354/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 12,250/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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