India: BigMint's ferrous scrap index drops by INR 200/t d-o-d amid cautious steel market

• Flat steel prices last week prompt scrap sellers to trim offers
  
  
• Semis, finished steel prices fall by INR 100-200/t d-o-d
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 38,900/t DAP on 27 April 2026. Scrap prices in the region fell by INR 200/t d-o-d.

Today, the Mandi Gobindgarh steel market remained sluggish, especially in the semi-finished steel segment, as buyers remained cautious, anticipating further price corrections in the final session; this prompted scrap sellers to reduce their offers given stagnant steel prices in the previous week. Accordingly, end-cutting scrap was quoted at INR 38,900/t-39,100/t and ingots at INR 44,900/t-45,200/t.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,900/t DAP. Similarly, steel-grade pig iron prices in Ludhiana also remained steady at INR 42,000/t DAP.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices moved down by INR 200/t to INR 45,000/t DAP, reflecting soft steel demand. In other major production centres, ingot prices declined by INR 200-400/t d-o-d.

In Mandi Gobindgarh, rebar (Fe500) prices declined by INR 100/t to INR 50,500/t exw today, reflecting subdued trading volumes. HR strip (patra) prices fell by INR 100/t d-o-d to INR 46,900/t exw amid ongoing regional weakness.

Overview of Alang market

Alang's ship-breakingmelting scrap prices held steady d-o-d on 27 April 2026, as per BigMint's assessment. HMS (80:20) traded at INR 37,200/t ex-yard. Moderate semi-finished and finished steel activity in the prior session, coupled with steady scrap trades, supported suppliers' firm offers today.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,700-6,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $385/t, approximately INR 38,500/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at INR 35,500/t DAP. Indicative prices of shredded from Europe stood at $400/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.

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

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