- Liquidity crunch emerges as steel sales slow down
- Finished steel prices dip by INR 100/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t, 0.3%) d-o-d to INR 35,500/t DAP on 9 December 2025.
Steel prices in Mandi Gobindgarh started the week beginning 8 November on a subdued note, with slow trading throughout the day. Finished steel sales were low, and inventories increased, which created tight liquidity in the market. Due to this uncertainty, buyers adopted a wait-and-watch stance, expecting prices to drop further.
Alternative raw material prices
In the steelmaking raw materials 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 declined by INR 50/t to INR 34,650/t DAP.
Steel market trends
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 150/t d-o-d, settling at INR 40,200/t DAP during the reporting and normalisation period. Other major production hubs also witnessed price drops in the range of INR 100-200/t during today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 44,900/t exw, with minimal trade activity recorded today.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang market dropped by INR 400/t d-o-d on 9 December. According to BigMint’s assessment, HMS (80:20) prices stood at INR 30,800/t ($342/t) ex-yard.
During the previous trading session, semi-finished and finished steel prices declined by INR 200-300/t due to limited trading activity, while IF mills showed weaker demand for scrap. These factors prompted scrap suppliers to reduce their offers during today’s session.
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 $318-$319/t, approximately INR 30,800/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 30,300/t DAP. Indicative prices of shredded from Europe stood at $348-349/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 13,350/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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