India: BigMint’s scrap index remains flat; weak demand weighs on steel market

• Sponge iron prices dip by INR 100/t d-o-d
• Finished steel prices decline by INR 200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained flat d-o-d at INR 32,800/tonne (t) DAP on 28 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.

Raw material

Sponge iron (CDRI) prices in Mandi Gobindgarh slipped by INR 100/t to INR 28,500/t, while steel-grade pig iron prices in Ludhiana moved down by INR 200/t to INR 34,300/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh remained stable d-o-d at INR 38,000/t DAP. Other key production centres also witnessed price declines ranging from INR 50/t to INR 100/t today.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 200/t, settling at INR 42,500/t ex-works, despite ongoing input cost pressures and inventory challenges. Similarly, HR strip (patra) prices eased by INR 100/t to INR 39,100/t ex-works in the Mandi market.
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Overview of Alang market

On 28 October, the Alang ship-breaking market in Gujarat witnessed a fall of INR 100/t in melting scrap prices. BigMint assessed HMS (80:20) at INR 29,900/t ex-yard. Sources mentioned that even though semi-finished and finished steel prices had gained some strength in the previous session, trading activity stayed moderate. The limited buying interest prompted suppliers to lower their quotations.

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 $324/t, approximately INR 30,803/t (inclusive of freight). HMS (80:20) in Mumbai remained steady at INR 29,600/t DAP today. Indicative prices of shredded from Europe stood at $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 12,350/t.

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