India: BigMint’s ferrous scrap index slides by INR 200/t amid soft steel market sentiment

• Sponge iron prices decrease by INR 100/t
• Semis, finished prices dip by INR 100-200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/tonne (t) d-o-d to INR 34,800/t DAP on 24 November 2025. The Mandi steel market witnessed a cautious sentiment today, driven by sluggish demand in both semi-finished and finished steel.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi decreased by INR 200/t d-o-d to INR 29,000/t DAP. Steel-grade pig iron prices in Ludhiana declined by INR 200/t to INR 35,000/t DAP.

Steel market trends

Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 200/t d-o-d, settling at INR 39,600/t DAP during the reporting and normalisation period. Other major production hubs also witnessed price drops in the range of INR 100-550/t during today’s trading session.

Rebar (Fe500) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 44,300/t exw, with minimal trade activity today.

Overview of Alang market

Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 24 November 2025. According to BigMint’s assessment, HMS (80:20) was at INR 30,800/t ($345/t) ex-yard. Semi-finished and finished steel prices held largely steady in the previous trading session in the region. Additionally, moderate trade activity in scrap prompted suppliers to keep their offers unchanged 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 rose by INR 200/t d-o-d to 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 12,150/t.

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

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