India: BigMint's scrap index rises INR 500/t d-o-d on strengthening steel prices

• Sponge iron, pig iron prices rise by INR 500/t d-o-d
  
  
• Rebar surges by INR 900/t d-o-d as demand picks up
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 500/tonne (t) to INR 36,500/t DAP on 29 December 2025. Mandi's scrap prices surged d-o-d following a sharp rise of around INR 1,000-2,000/t in semis and finished steel rates in Raipur and Jaipur. The hike was largely driven by higher raw material costs, which pushed up the overall cost of production. Additionally, a recent increase in hot-rolled coil (HRC) prices acted as a key supporting factor, further strengthening market sentiment and enabling producers to revise prices upward.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 500/t d-o-d to INR 29,200/t DAP. Steel grade pig iron prices in Ludhiana also saw a d-o-d rise of INR 500/t, settling at INR 37,000/t DAP.

Steel market trend

The semi-finished steel market in Mandi Gobindgarh recorded a d-o-d increase of INR 650/t, with prices assessed at INR 41,700/t DAP during the reporting and normalisation period. Across major steel hubs, prices increased by INR 500-1,650/t, reflecting a positive market trend. Notably, Raigarh market witnessed a sharp rise of INR 1,650/t, driven by active trade and firm demand.

Similarly, in the rebar (Fe500) segment, Mandi prices increased by INR 900/t d-o-d to INR 46,500/t exw, supported by moderately strong demand.

Overview of Alang market

Ship-breaking melting scrap prices in Gujarat's Alang rose by INR 600/t d-o-d on 29 December 2025. HMS (80:20) prices were assessed at INR 32,100/t ($357/t) exy. In the regional market, billet and rebar prices rose sharply by INR 2,000-3,000/t m-o-m, while scrap offers remained largely stable until last week. Ship-breaking scrap sellers resisted lower bids and raised their offers in today's trading session.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,000-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $325-330/t, approximately INR 31,700/t (inclusive of freight). HMS (80:20) in Mumbai rose by INR 300/t d-o-d to INR 31,300/t DAP today. Indicative prices of shredded from Europe stood at $351-$355/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 15,250/t.

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

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