India: BigMint’s ferrous scrap index slips by INR 200/t d-o-d amid muted steel market sentiment

• Vishwakarma Puja keeps market activity subdued
• Semis, finished prices drop by INR 150-300/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 200/tonne (t) d-o-d to INR 33,900/t DAP on 17 September 2025. On the occasion of Vishwakarma Puja, overall activity in the scrap market remained subdued. A slight price correction was observed in semi-finished steel, and minor declines were also noted across key segments, reflecting overall softness in demand and limited trading volumes.

Raw material prices

Sponge iron (CDRI) prices in Mandi remained firm d-o-d at INR 30,200/t DAP. In contrast, steel-grade pig iron prices in Ludhiana saw a d-o-d decline of INR 50/t, settling at INR 35,100/t DAP.

Steel market trends

Steel ingot prices in Mandi Gobindgarh dropped by INR 150/t d-o-d to INR 39,100/t DAP during the reporting and normalisation period. In other regions, semi-finished steel prices registered a drop of INR 50-300/t d-o-d.

The finished steel market mirrored this downtrend. Rebar (Fe500) prices in Mandi slipped by INR 300/t to INR 43,700/t ex-works.

Overview of Alang market

The Alang ship-breaking scrap market remained stable d-o-d on 17 September, with HMS (80:20) prices assessed at INR 30,900/t ex-yard, according to BigMint. The Alang ship-breaking market remained largely closed today in observance of Vishwakarma Puja. Market activity was minimal, with only a few indicative offers heard from sources. Trading remained subdued, and no significant transactions were heard.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,900-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $332-335/t, which equates to approximately INR 31,500/t (including freight). HMS (80:20) prices in Mumbai remained steady at INR 31,200/t DAP today.

Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 12,500/t.

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

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