India: BigMint's scrap index remains unchanged for second consecutive day

• Sponge iron prices in Mandi hold firm d-o-d
  
  
• Semi-finished steel prices gain, rebar slides further
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market remains steady d-o-d at INR 35,200/t DAP on 16 July 2025.No price change has been recorded in the scrap segment across key regions for the past two days, as trade activity remained sluggish amid a persistently weak steel market. The lack of significant buying interest from downstream sectors, coupled with cautious sentiment, has kept scrap trading largely stagnant.

Raw material price trends

Sponge iron prices in Mandi Gobindgarh remained stable on a d-o-d basis, assessed at INR 28,700/t DAP. The price stability reflects consistent buying activity from local mills. In the current market dynamics, mills are optimizing input costs by utilizing a raw material mix of approximately 70-80% steel scrap and 20-30% sponge iron, contributing to more efficient steelmaking operations.

In Ludhiana, steel-grade pig iron prices recorded a marginal increase of INR 100/t, now standing at INR 35,300/t DAP.

Steel market

In Mandi Gobindgarh, semi-finished steel prices witnessed a modest upward movement of INR 100/t d-o-d, currently assessed at INR 40,100/t (DAP). The marginal increase reflects localized demand stability and steady buying interest in the region. Similar trends have been observed across other major trading hubs, where semi-finished prices rose by INR 100-300/t in todays trading session, indicating restrained yet positive market sentiment.

On the contrary, rebar prices (Fe 500 grade) in Mandi Gobindgarh remained under pressure, declining for the third consecutive day. Prices fell INR 100/t today, settling at INR 44,900/t ex-works.

This ongoing downtrend underscores the prevailing weak market sentiment, influenced by slow offtake and liquidity constraints. A similar pattern was observed across other key markets, where rebar prices dropped by INR 100-200/t d-o-d, reflecting a cautious approach from buyers and traders amidst subdued demand.

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Price highlights

End-cutting-billets spread: In Mandi, the end-cutting scrap and billet spread stood at INR 4,800-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at $330-335/t, which equates to approximately INR 31,031/t (including freight). Today, local HMS (80:20) prices in Mumbai remained stable at INR 30,500/t DAP. Indicative prices of shredded from Europe stood at $358-$360/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 13,050/t.

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