India: BigMint’s ferrous scrap index slips by INR 300/t on muted steel market

• Alternative feedstock prices remain flat d-o-d
• Semi-finished steel tags drop by INR 150/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 300/tonne (t) d-o-d to INR 34,500/t DAP on 10 September 2025.

The Mandi steel market went quiet today under intensified GST scrutiny-both trading sessions were eerily silent, with negligible activity in semi-finished and finished steel. Scrap purchases remained strictly needs-based, with mills refraining from stocking.

Raw material

The sponge iron (CDRI) market in Mandi Gobindgarh remained unchanged d‑o‑d, holding at INR 30,500/t DAP as mills continued regular sourcing. In Ludhiana, steel‑grade pig iron prices were also motionless at INR 35,400/t DAP.

Steel market trends

In Mandi Gobindgarh, semi‑finished steel (ingot) prices slipped by INR 150t d-o-d to INR 39,700/t DAP, reflecting reduced transactions and softening demand. In other major production centers, ingot prices similarly declined—dropping between INR 150 and INR 400/t compared to the previous day.

Rebar (Fe500) prices in Mandi Gobindgarh held steady day-on-day at INR 44,400 per tonne ex-works, reflecting a stable pricing environment. However, the market experienced a slowdown in trading activity.

Overview of Alang market

On 10 September, Alang’s ship-breaking scrap segment remained quiet, with HMS (80:20) prices holding steady at INR 31,900/t ex-yard, per BigMint. Both semi-finished and finished steel markets saw moderate trade, and ongoing interest from Bhavnagar-based integrated mills maintained price stability

Upcoming scrap auctions

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/t, which equates to approximately INR 31,454/t (including freight). HMS (80:20) prices in Mumbai remained stable at INR 31,300/t DAP today. Indicative prices of shredded from Europe stood at $364/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 13,000/t.

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