India: BigMint’s ferrous scrap index up INR 400/t as steel prices witness uptick

• Sponge iron prices rise by INR 200/t
• Semis, finished steel prices up INR 300-400/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 400/tonne (t) d-o-d to INR 37,500/t DAP on 21 March 2025. Scrap procurement by mills in the region remained moderate, as finished steel producers raised TMT prices by around INR 400/t.

Additionally, semi-finished prices increased by INR 300/t d-o-d. These price hikes were the primary drivers behind scrap suppliers raising their prices, despite decent availability of scrap in the region.

A mill owner informed, “After a sharp increase of approximately INR 1,200/t in HR strip prices over the course of two days, following the DGTR’s proposal for a 12% safeguard duty on HRC and CRC imports, the secondary mills quickly adjusted their prices. However, today’s prices have stabilised at INR 44,800/t exw. Despite this price adjustment, overall sales have remained steady and slightly above average”.

Raw material prices

In Mandi, sponge iron (CDRI) prices increased by INR 200/t to INR 31,600/t DAP. Meanwhile, pig iron (steel-grade) in Ludhiana moved up by INR 400/t to INR 39,400/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh climbed up by INR 300/t to INR 43,300/t DAP during the reporting and normalisation period. In other major markets, semi-finished steel prices rose by INR 200-500/t d-o-d.

Rebar (Fe 500) prices in Mandi Gobindgarh rose by INR 400/t to INR 48,000/t exw amid moderate trade activity observed in the market.

Alang market

Ship-breaking melting scrap prices in Gujarat’s Alang market rose by INR 300/t d-o-d on 21 March, as per BigMint’s assessment. HMS (80:20) stood at INR 34,300/t exy. Semi-finished and finished steel prices climbed up by INR 200-300/t in yesterday’s trades. This price rise, alongside heightened scrap buying activity, drove suppliers to raise their offers today.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,900/t.

Domestic vs. imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $360-362/t, which equates to approximately INR 33,340/t (including freight). Today, local HMS (80:20) prices in Mumbai remained steady d-o-d at INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $385/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 15,100/t.

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