- Sponge iron prices dip by INR 100/t d-o-d
- Finished steel prices decline by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained flat d-o-d at INR 33,500/tonne (t) DAP on 15 October 2025.The Mandi Gobindgarh steel market witnessed a quiet session today, with no significant trading activity seen in the semi-finished and finished segments.
A mill owner informed BigMint, “Due to weak demand and the cautious approach of buyers, mills are considering a 40-50% production cut in the near term. While the medium-scale mills have already reduced their output by half, the larger mills are also likely to follow suit as inventory pressure continues to build up in the region.”
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh slipped by INR 100/t today, while steel-grade pig iron prices in Ludhiana inched up by INR 200/t to INR 34,800/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh remained stable d-o-d at INR 38,700/t DAP. Other key production centers also witnessed price declines ranging from INR 50/t to INR 500/t during today’s trading. Notably, Jaipur saw a significant drop, with ingot prices falling by INR 500/t.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 100/t, settling at INR 43,400/t ex-works, despite ongoing input cost pressures and inventory challenges. Within the last three months, rebar prices in Mandi have dropped by INR 1,700/t.
Similarly, HR strip (patra) prices eased by INR 100/t to INR 40,100/t ex-works in the Mandi market.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route market remain stable at INR 42,500/t ex-works amid limited demand. Buyers restricted bookings to immediate requirements due to the upcoming festive season and low liquidity and cash flow in the market. New buying and inquiries remain muted, as demand from the project segment and retail is slow. On the raw material side, HMS (80:20) scrap was assessed at INR 29,900/t DAP, with the scrap–billet conversion spread standing at around INR 7,600/t.
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 4,900-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $322-324/t, approximately INR 30,462/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable at INR 29,900/t DAP today. Indicative prices of shredded from Europe stood at $352-354/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 12,100/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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