India: BigMint's ferrous scrap index drops INR 500/t d-o-d on softening steel prices - 10 Apr

• Rebar prices in Mandi decline by INR 200/t d-o-d
  
  
• Sponge prices decrease on weak steel market sentiment
  
  

BigMints domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 500/t d-o-d to INR 40,500/t DAP on 10 April 2026. Scrap prices in the region fell by INR 500-600/t d-o-d, reflecting weakening market conditions.

The decline is primarily attributed to a sluggish and largely inactive steel market, which has dampened overall sentiment. Additionally, muted buying interest from mills has further pressured prices, as procurement activity remained limited. The combined impact of weak demand and slow trade activity has led to a correction in scrap prices in the region.

Alternate raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 34,500/t DAP. Steel-grade pig iron prices in Ludhiana fell by INR 550/t to INR 43,200/t DAP.

Steel market trend

The semi-finished steel market in Mandi Gobindgarh recorded a day-on-day decrease of INR 350/t, with current prices assessed at INR 46,550/t DAP during the reporting and normalisation period. In other major production centres, ingot prices declined by INR100-1,000/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 300/t to INR 52,700/t exw, with minimal trade activity today.

Overview of Alang market

Ship-breaking melting scrap prices in Gujarat's Alang market decreased by INR 300/t d-o-d on 10 April. According to BigMint's assessment, HMS (80:20) prices are at INR 37,200/t ($401/t) ex-yard. Semi-finished steel prices fell by INR 500-1,000/t in the region due to limited trade activities in previous trading session. Meanwhile, average demand for scrap of the Bhavnagar-based IF mills prompted suppliers to reduce offers.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,800-6,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $383-$386/t, approximately INR 37,900/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,000/t DAP. Indicative prices of shredded from Europe stood at $399-$402/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 16,250/t.

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

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