- Sponge iron prices increase by INR 100/t
- Semis, finished tags rise by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 34,800/t DAP on 17 November 2025.
Steel prices in Mandi Gobindgarh showed mild upward momentum today, but trading volumes remained limited, reflecting a cautious atmosphere in this key secondary steel hub of India. The increase in steel prices was primarily driven by restricted scrap availability and improved conversion margins, rather than a genuine resurgence in end-user demand. While some mill owners responsively adjusted their offers to account for tighter scrap supply and favourable processing economics, most buyers — from traders to end-users — maintained a conservative approach, resulting in minimal actual buying activity.
Alternative raw material prices
Among alternative steelmaking raw materials, prices of sponge iron (CDRI) in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 28,900/t DAP.
On the other hand, steel-grade pig iron prices in Ludhiana increased by INR 300/t d-o-d to INR 35,200/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh witnessed a modest uptick of INR 100/t d-o-d to INR 38,900/t DAP. Similarly, ingot prices across major production hubs registered a gain of INR 100-300/t during today’s trading session, reflecting slight positive momentum.
Meanwhile, rebar (Fe500) prices in Mandi increased by INR 100/t d-o-d to INR 44,100/t ex-works. HR strip (patra) prices rose by INR 100/t to INR 41,200/t ex-works with moderate trade activity.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route remained stable d-o-d at INR 42,600/t exw, with limited demand in the market, as buyers had already procured sufficient material and were resistant to buying material at higher prices. On the raw material front, HMS (80:20) scrap was assessed at INR 29,600/t DAP, while the scrap-billet conversion spread stood at around INR 8,800/t.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,600-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $319-320/t, approximately INR 30,552/t (inclusive of freight). HMS (80:20) in Mumbai fell by INR 100/t d-o-d to INR 29,600/t DAP. Indicative prices of shredded from Europe stood at $349-$350/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 12,000/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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