- Semis, finished steel prices drop INR 100/t w-o-w
- Market sentiment remains unclear, buyers cautious
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 35,500/t DAP on 22 August 2025. Steel scrap prices in Mandi Gobindgarh remained range-bound w-o-w, indicating stable market conditions. Prices across other scrap grades also witnessed only minor corrections during the current week, reflecting limited movement and cautious sentiment in the market.
In the semi-finished and finished steel market, prices declined by INR 100/t w-o-w. The dip comes as the market remained uncertain and sluggish, with subdued trade activity observed throughout the week.
Despite the current softness, steelmakers expect a range-bound trend to continue in the coming week, as buyers and sellers adopt a wait-and-watch approach amid unclear demand signals.
Imported scrap offers 
Raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 30,000/t DAP. Prices have also remained unchanged on a week-on-week basis, reflecting a balanced market with no major fluctuations.
Steel grade pig iron prices in Ludhiana largely remained stable at INR 35,700/t, with no significant change observed.
Steel market trends
In Mandi Gobindgarh, semi-finished steel prices dropped by INR 200 per tonne day-on-day (d-o-d), settling at INR 40,200/t delivered at plant (DAP). On a weekly basis, prices in the region recorded a modest decline of INR 100/t. Other key steel-producing regions also witnessed price corrections today, with declines ranging between INR 50 to INR 300/t, driven by slow market activity and muted buying interest.
Rebar (Fe500) prices in Mandi Gobindgarh slipped by INR 100/t d-o-d, reaching INR 45,200/t ex-works. On a w-o-w basis, prices saw a similar INR 100/t decline, reflecting muted market sentiment and limited trade activity in the region.
Upcoming scrap auctions
Price highlights
End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,700-5,000/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $335/t, which equates to approximately INR 31,493/t (including freight). HMS (80:20) prices in Mumbai fell by INR 100/t to INR 31,400/t DAP today. Indicative prices of shredded from Europe stood at $365/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 13,650/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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