India: BigMint's ferrous scrap index remains stable d-o-d; steel prices rangebound

• Sponge iron prices fall by INR 100/t d-o-d
  
  
• Semis, finished steel prices remain stable today
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 39,800/tonne (t) DAP on 16 April 2026. In Mandi Gobindgarh, local mills procured scrap at moderate levels this week. Supply from neighbouring regions stayed steady, while imported scrap buyers continued favouring domestic material due to better price viability.

Overall, the local scrap segment held rangebound. However, demand for semi-finished and finished steel remained moderate to below moderate, reflecting cautious market sentiment in this key secondary steel hub.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 33,900/t DAP. In contrast, steel-grade pig iron prices in Ludhiana rose by INR 200/t to INR 42,500/t DAP, amid rangebound market sentiments.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices held steady d-o-d at INR 45,800/t DAP, reflecting moderate to below-moderate demand. Prices in other major production centers declined INR 100-500/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh firmed up d-o-d at INR 51,900/t exw. HR strip (patra) prices also remained stable at INR 48,600/t exw.

Overview of Alang scrap market

Alang's ship-breaking melting scrap prices tumbled INR 500/t d-o-d on 16 April, with BigMint assessing HMS (80:20) at INR 36,800/t ($394/t) ex-yard. The correction mirrored INR 200-500/t declines in semi-finished and finished steel due to subdued trading, while average demand from IF mills prompted suppliers to trim their offers competitively.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,700-6,100/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $383-$384/t, approximately INR 38,022/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at INR 35,600/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 16,000/t.