India: BigMint's ferrous scrap index edges up INR 300/t amid rising steel prices

• Spot buying concentrated amid partial market closure
  
  
• Semis, finished steel prices up INR 200-300/t d-o-d
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 300/t d-o-d to INR 37,800/tonne (t) DAP on 26 May 2026. The Mandi steel market was partially closed during the second half of the day today due to local civic elections. However, the first half saw improved demand and active spot bookings as buyers covered their requirements early.

A mill owner informed BigMint: "Scrap availability in the region remained constrained amid persistent logistical bottlenecks. Additionally, extreme heat conditions led mills in Mandi Gobindgarh to scale down operating hours, which in turn slowed processing activity and further reduced the inflow of scrap into the market."

Raw material

Alternative raw material prices remained largely stable across key northern markets, reflecting balanced demand-supply dynamics. In Mandi Gobindgarh, sponge iron (CDRI) prices were steady d-o-d at INR 30,650/t DAP, while steel-grade pig iron prices in Ludhiana also held firm at INR 42,800/t DAP amid sustained procurement interest from secondary steelmakers.

Steel market

In Mandi Gobindgarh, secondary steel sentiments strengthened further during the latest assessment cycle, with ingot prices advancing by INR 300/t to INR 43,000/t amid improved trade activity and firmer buying interest. Across other major domestic markets, ingot prices also registered gains in the range of INR 200-900/t, reflecting a broader recovery trend in the semi-finished steel segment.

The long steel segment mirrored the bullish sentiment, as rebar (Fe500) prices in Mandi climbed INR 300/t d-o-d to INR 48,000/t exw, supported by healthy procurement activity and tighter market availability. Meanwhile, HR strip (patra) prices posted a sharp rebound of INR 1,200/t to INR 46,200/t exw, driven by strengthening demand fundamentals and improved mill pricing confidence.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,000-5,500/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $365/t-$366/t, approximately INR 37,300/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable at INR 35,400/t DAP. Indicative prices of shredded from Europe stood at $385/t-$386/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 14,350/t.

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

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