India: BigMint’s scrap index rises by INR 400/t d-o-d amid positive market sentiment

• Sponge iron prices increase by INR 300/t
• Semis, finished prices rise INR 200-500/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 38,300/t DAP on 31 March 2025. As expected, steel demand in the region was strong, leading to an increase of INR 200-500/t in semi-finished and finished steel prices in Mandi.

Mills were optimistic about continued demand growth in the near term. Mandi’s ingot and billet prices are expected to remain range-bound at INR 43,500-44,500/t DAP. Steelmakers are hopeful for further improvements in steel prices in April and May, though the trajectory of raw material tags, alongside demand trends, will play a crucial role in determining the extent of these price gains.

Raw material prices

Prices of sponge iron (CDRI) in Mandi improved by INR 300/t d-o-d to INR 32,100/t DAP, while steel-grade pig iron tags in Ludhiana dropped by INR 200/t to INR 39,100/t DAP.

Steel market overview

Steel ingot prices in Mandi Gobindgarh rose by INR 350/t d-o-d to INR 44,000/t DAP. Meanwhile, semi-finished steel prices in key markets increased by INR 300-600/t.

In Mandi, rebar (Fe 500) prices increased by INR 200/t d-o-d to INR 48,300/t exw, while HR strip (patra) tags climbed up by INR 500/t to INR 45,800/t exw, supported by positive trade inquiries.

Overview of Alang market

Ship-breaking melting scrap prices in Alang, Gujarat, increased by INR 200/t on 31 March 2025, with HMS (80:20) at INR 34,500/t exy. Semi-finished and finished steel tags also rose by INR 100-200/t d-o-d, while higher scrap inquiries led suppliers to lift their offers.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,600-5,800/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $365-367/t, which equates to approximately INR 33,600/t (including freight). Today, local HMS (80:20) prices in Mumbai edged up by INR 100/t d-o-d to INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $390-395/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 15,650/t.

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