India: BigMint's ferrous scrap index dips INR 100/t d-o-d and w-o-w

• Scrap to semi-finished steel slips INR 100/t w-o-w
  
  
• GST inspections and logistics issue tighten scrap availability
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, eased by INR 100/tonne (t) d-o-d to INR 37,800/t DAP on 12 June 2026.Scrap index decreased by INR 100/t w-o-w amid tight supply.

Overall sentiment in Mandis secondary steel market remained moderate to below-moderate this week. No major price shifts were observed; finished-steel and scrap quotes saw only minor corrections (around INR 100/ton). However, scrap arrivals have slowed due to ongoing GST inspections and tight availability. Logistics are also under pressure: higher crude-oil-linked freight costs have pushed up transportation expenses and constrained movements.

Finished-steel sales stayed sluggish, with mill owners reporting weak end-user demand. Near term, there is cautious optimism for improvement driven by pre-monsoon restocking, but visibility remains limited. Key factors to watch: scrap inflows, GST-compliance developments, and freight cost trends.

Raw-material, steel market trends

Sponge-iron prices in Mandi decreased by INR 100/t d-o-d to INR 30,400/t (DAP), and were down INR 100/t w-o-w. Pigiron prices in Ludhiana remained stable d-o-d at INR 41,600/t (DAP), but eased INR 650/t w-o-w amid limited buying.

In the steel segment, ingot prices in Mandi dipped INR 100/t d-o-d to INR 43,900/t, easing INR 100/t w-o-w. Rebar exworks prices eased INR 200/t to INR 47,700/t d-o-d, while holding firm on the week.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,900-5,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $352/t, approximately INR 35,800/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai fell by INR 250/t to INR 33,250/t DAP. Indicative prices of shredded from Europe stood at $400/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 14,600/t.

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

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