India: BigMint's ferrous scrap index inches up as steel market remains muted

• Moderate buying supports marginal price rise
  
  
• Scrap arrival marginally improves in Mandi
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 40,500/t DAP on 13 April 2026. Mills continued to procure scrap in decent volumes, although buying remained largely need-based amid a muted finished steel market. Improved arrivals of domestic scrap from nearby regions also supported steady trade flows.

A mill owner informed "The market is expected to remain rangebound in the near term. While steady scrap demand and firm supplier offers may support prices, muted momentum in finished steel demand is likely to cap any sharp upside."

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 34,500/t. Meanwhile, steel-grade pig iron prices in Ludhiana also remained steady d-o-d at INR 43,300/t DAP.

Steel market trends

In Mandi Gobindgarh, semifinished steel (ingot) prices increased by INR 200/t d-o-d to INR 46,500/t DAP, reflecting moderate demand, while ingot prices in other key production hubs rose by INR 100-1,000/t d-o-d. Rebar (Fe500) prices in Mandi Gobindgarh remained stable d-o-d at INR 52,400/t exw today, whereas HR strip (patra) prices moved up by INR 200/t to INR 49,500/t exw.

Overview of Alang market

On 13 April, 2026, ship-breaking melting scrap in Alang, Gujarat, rose INR 300/t d-o-d, with BigMint pegging HMS (80:20) at INR 37,600/t ($403/t) exy. Demand for semi-finished and finished steel remained moderately robust during the prior trading session. Supplier offers strengthened amid active scrap inquiries from Bhavnagar's induction furnace mills.

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-$384/t, approximately INR 38,062/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 300/t to INR 35,700/t DAP. Indicative prices of shredded from Europe stood at $398-$399/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 16,150/t.