India: BigMint’s scrap index rises further by INR 200/t d-o-d

• Sponge iron prices remain stable d-o-d
• Semis, finished steel prices up INR 200-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market increased by INR 200/t to INR 38,700/t DAP on 3 April 2025.

A mill owner informed, “The market saw moderate trade activity today in both semi-finished and finished steel, with mills focusing on routine scrap purchases. Secondary mills raised steel prices due to sustained demand and a price hike from primary mills yesterday. Major mills are operating at full production capacity in Mandi, but liquidity issues continue to impact the overall workflow.”

Raw material prices

Prices of sponge iron (CDRI) in Mandi remained unchanged day-on-day at INR 32,300/t DAP, while steel-grade pig iron prices in Ludhiana increased by 100/t to INR 39,400/t DAP.

Steel market overview

Prices of steel ingots in Mandi Gobindgarh increased by INR 200/t d-o-d to INR 44,500/t DAP, whereas semi-finished steel prices in key markets grew by INR 100-400/t.

Rebar (Fe 500) prices in Mandi climbed up by INR 300/t to INR 49,300/t exw, while HR strip (patra) prices moved up by INR 200/t to INR 46,400/t exw.

Overview of Alang markets

Alang’s ship-breaking melting scrap prices rose by INR 200/t on 3 April, with HMS (80:20) priced at INR 35,400/t ($413/t) ex-yard. The dismantling of 25-30 ships has curtailed supply, leading to a gap between bids and offers, forcing scrap suppliers to raise their prices.

Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 5,700-5,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $365-370/t, which equates to approximately INR 33,777/t (including freight). Today, local HMS (80:20) prices in Mumbai increased by INR 100/t to INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $385-$390/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 15,950/t.

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