India: BigMint’s scrap index falls by INR 200/t as weak steel demand continues

• Sponge iron prices dip by INR 400/t d-o-d
• Semis, finished steel prices drop INR 150/t-500/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 36,800/t DAP on 30 April, 2025.

A mill owner said, “Compared to last week, the Mandi steel market experienced weaker activity this week, with semi-finished and finished steel prices declining by INR 700-800/t w-o-w. Steelmakers in the region are facing sales pressure, and liquidity concerns continue to affect the market.”

Raw material price updates

The price of sponge iron (CDRI) in Mandi fell by INR 400/t d-o-d to INR 30,800/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana remained stable at 37,300/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh decreased by INR 150/t today, reaching INR 42,600/t DAP. Meanwhile, semi-finished steel prices in major markets fell by INR 100-500/t compared to the previous day. In Ghaziabad, semi-finished (ingot) prices experienced a significant decline of INR 500/t today.

Rebar (Fe 500) prices in the region remained steady d-o-d at INR 48,200/t exw, while HR strip (patra) prices dipped by INR 500/t to INR 44,000/t exw.

Overview of Alang market

In Gujarat’s Alang market, ship-breaking melting scrap prices dropped by INR 300/t on 30 April. BigMint assesses HMS (80:20) at INR 34,000/t ex-yard. Yesterday trading activity was slow, with only selective buying of semi-finished and finished steel, leading scrap suppliers to revise their offers lower 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 $345-350/t, which equates to approximately INR 31,798/t (including freight). Local HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,400/t DAP. Indicative prices of shredded from Europe stood at $370/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 16,200/t.

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