India: BigMint's ferrous scrap index rises INR 700/t d-o-d; INR 1,400/t w-o-w

• Alternate raw material prices increase by INR 1,400-1,800/t w-o-w
  
  
• Semi, finished steel prices jumps INR 1,600-1,750/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 700/tonne (t) d-o-d to INR 38,300/t DAP on 2 Jan 2026. The index surged by INR 1,400/t w-o-w, driven by improved market sentiment and a sudden rise in raw material and finished steel prices during the week. This sharp upswing was primarily supported by the governments announcement of a new safeguard duty on key flat steel products-including HR coils/plates, CR coils, metallic-coated, and colour-coated steel-along with price hike announcements by primary mills. Additionally, project-based work has shown a noticeable pickup in pace across major regions, supporting overall market activity

According to local steelmakers, the near-term outlook remains positive as demand has improved nationwide, with key regions across India witnessing a significant upturn in the steel segment.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh inched up by INR 100/t d-o-d to INR 29,800/t (DAP). Meanwhile, pricesjumped by INR 1,380/t on a weekly basis in the region.

Similarly, steel-grade pig iron prices in Ludhiana rose by INR 600/t d-o-d to INR 36,500/t (DAP), while weekly prices significantly increased by INR 1,800/t amid improved buying activity in the region.

Steel market

Semi-finished steel prices in Mandi Gobindgarh rose by INR 600/t d-o-d to INR 43,500/t (DAP), while ingot prices across major production hubs strengthened by INR 500-1,100/t over the same period. Ingot prices in Rourkela jumped by INR 1,100/t today, marking the largest single-day increase observed across India. As per w-o-w basis ingot prices in Mandi improved by INR 1,600/t.

Rebar (Fe 500) prices in Mandi Gobindgarh improved by INR 700/t d-o-d to INR 48,000/t ex-works, supported by moderate-to-strong buying interest and a steady demand trend in todays trading session. On a weekly basis, rebar prices have risen by around INR 1,750/t in the region.

Additionally, on a weekly basis, HR strip (patra) prices also increased by INR 2,200/t in Mandi.

Overview of Mumbai steel market

Rebar (Fe 500) prices on the Mumbai IF route rose by INR 600/t to INR 48,800/t ex-works. Trading activity remained moderate, as buyers continued to actively procure material. On the raw material front, semi-finished billet prices rose sharply to INR 44,100/t, up by INR 900/t. HMS (80:20) scrap was assessed at INR 31,500/t DAP, while the scrapbillet conversion spread stood at around INR 12,600/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 5,000-5,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $325-326/t, approximately INR 31,696/t (inclusive of freight). HMS (80:20) in Mumbai remained stable at INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $350-$354/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 16,300/t.

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

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