India: BigMint's ferrous scrap index drops INR 300/t d-o-d on weak steel market sentiment - 15 April

• Sponge iron prices dip by INR 300/t d-o-d
  
  
• Semis, finished steel prices decrease by INR 200/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 300/tonne (t) d-o-d to INR 39,800/t DAP on 15 April 2026. Prices have now declined for the third consecutive day, as subdued finished steel demand and limited buying activity weighed on overall sentiment. Market participants largely refrained from bulk procurement, restricting purchases to immediate requirements.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 300/t d-o-d to INR 34,000/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 700/t to INR 42,300/t DAP.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices moved down by INR 200/t to INR 45,800/t DAP, reflecting the soft steel market demand. In other major production centres, ingot prices declined by INR 100-600/t d-o-d.

In Mandi Gobindgarh rebar (Fe500) prices declined by INR 200/t to INR 51,900/t exw today, reflecting subdued trading volumes. HR strip (patra) prices fell by INR 400/t d-o-d to INR 48,600/t exw amid ongoing regional weakness.

Over the past few days, rebar has eased by a cumulative INR 500/t, while patra prices have dipped INR 900/t, driven by softening demand in the secondary steel hub.

Overview of Mumbai steel market

Rebar (Fe 500) prices on the Mumbai IF route declined by around INR 100/t to approximately INR 52,700/t ex-works, extending the ongoing correction observed over the past few sessions. Buying activity remained slow throughout the day, with procurement strictly limited to immediate and need-based requirements.

Continuous price corrections have prompted buyers to step back from fresh bookings, resulting in subdued enquiries and minimal trade volumes. Mills are currently focusing on dispatching and lifting previously booked material; however, selling pressure is gradually building as the market has not witnessed any significant bulk bookings in recent sessions.

On the raw material side, HMS (80:20) scrap was assessed at INR 35,600/t DAP, with the scrap-billet conversion spread hovering around INR 10,200/t.

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 38,078/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai dipped by INR 100/t to 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.