India: BigMint's ferrous scrap index rises INR 100/t d-o-d, remains stable w-o-w

• Sponge iron prices increase by INR 560/t w-o-w
  
  
• Semis, finished steel prices up INR 280-350/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 38,600/t DAP on 06 February 2026. However, the index remained stable w-o-w. A minor uptick of around INR 200/t was witnessed in other grades of scrap this week.

The steel scrap market in Mandi Gobindgarh remained positive, with buyers prioritising domestic scrap over imports due to strong arrivals and favourable pricing. According to local mill owners, imported scrap transactions were minimal, limited primarily to low volumes from Middle East.

A mill owner informed, "Demand for semi-finished and finished steel remained strong in Mandi Gobindgarh this week, with prices improving by INR 280-340/t w-o-w. Buying activity also strengthened from neighbouring regions."

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh moved up by INR 100/t d-o-d to INR 31,600/t (DAP). Prices improved by INR 560/t w-o-w.

Steel-grade pig iron prices in Ludhiana fell by INR 250/t d-o-d to INR 40,250/t (DAP), while prices were stable w-o-w.

Steel market dynamics

In the semi-finished steel segment, ingot prices in Mandi Gobindgarh climbed up by INR 200/t d-o-d to INR 45,000/t DAP, while prices across major production hubs strengthened by INR 100-200/t over the same period. On a w-o-w basis, ingot prices in Mandi rose by INR 280/t.

Rebar (Fe 500) prices in Mandi Gobindgarh remained stable d-o-d at INR 49,600/t. On a w-o-w basis, prices increased by INR 340/t.

HR strip (patra) prices remained steady d-o-d at INR 46,300/t, while on a w-o-w basis, prices rose by INR 980/t.

Upcoming scrap auctions

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,300-6,600/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,107/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $370/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 14,400/t.

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