- Scrap shortages, GST checks persist in Mandi
- Semis, finished tags rise INR 300-400/t w-o-w
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/t d-o-d to INR 33,800/t DAP on 07 November 2025. However, the index increased by INR 600/t w-o-w.
Mandi Gobindgarh, a prominent secondary steel hub, witnessed a rise in steel scrap prices in the first week of November compared to the last week of October. Despite the overall steel market remaining quiet due to scrap shortages and stringent GST inspections, the slow arrival of domestic scrap and subdued demand for imported material prompted scrap suppliers to increase their offers in the current week. Additionally, scrap suppliers experienced delayed payments from the mills.
A leading HR strip (patra) manufacturer from Mandi reported that sales in the patra segment increased in the current week compared to last month, but due to inventory pressure and strict checks along the border, they expect steel prices to remain largely stable in the near term, with no significant rise or fall expected.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d, reaching INR 28,600/t DAP. W-o-w, sponge iron prices increased by INR 100/t.
Meanwhile, steel-grade pig iron prices in Ludhiana fell by INR 50/t to INR 35,150/t DAP, but due to a shortage, prices increased by INR 675/t on a weekly basis.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh saw a slight decrease of INR 100/t d-o-d, settling at INR 38,550/t DAP. Other major production centres also recorded declines of INR 100-200/t during today’s trading. However, on a weekly basis, ingot prices in Mandi saw a marginal increase of INR 285/t.
Meanwhile, rebar (Fe500) prices in Mandi remained steady d-o-d at INR 43,200/t ex-works, despite input cost pressures. However, on a weekly basis, rebar prices rose by INR 385/t, with a moderate trading trend.
Overview of Alang market
On 7 November 2025, ship-breaking melting scrap prices in Alang, Gujarat, declined by INR 200/t d-o-d. BigMint’s assessment showed HMS (80:20) prices at INR 30,100/t ex-yard. The region witnessed a drop in semi-finished and finished steel prices yesterday, driven by limited demand. In response to average scrap trade volumes, suppliers decreased their offers today.
Upcoming scrap auctions
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 $320-322/t, approximately INR 30,753/t (inclusive of freight). HMS (80:20) in Mumbai fell by INR 100/t d-o-d to INR 30,200/t DAP. Indicative prices of shredded from Europe stood at $350-$352/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 12,050/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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