India: BigMint's ferrous scrap index falls to nearly 3-week low-20 April

• Sponge iron prices down INR 200/t d-o-d
  
  
• Semis and finished steel prices continue to drop
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 400/tonne (t) d-o-d to INR 39,800/t DAP on 20 April 2026.As per weekly basis prices dropped by INR 1,600/t in end cutting scrap while other scrap grades also moved down by INR 1,400-1,600/t.

Mandi Gobindgarh, a pivotal secondary steel hub, saw steel prices extend their downtrend on April 20 as scrap values plunged to a three-week low-levels last seen in late 30 March 2026. Weak demand for finished steel, coupled with ongoing declines in semi-finished and finished products, has dragged the scrap market lower.

Domestic scrap arrivals remained decent through last week but slowed markedly today. Several mills cited the relentless price erosion as a key factor, with suppliers from other states holding back amid sluggish finished steel demand and liquidity strains in primary markets.

Imported scrap inflows were notably weak, forcing most mills to source from local traders and sellers. Ongoing geopolitical uncertainties continue to cloud prospects for Indias scrap importers, exacerbating supply caution.

Raw materials overview

In Mandi, sponge iron (CDRI) prices slightly decreased by INR 200/t to INR 33,400/t. On the other hand, Ludhiana pig iron (steel grade) prices moved down by INR 50/t to INR 41,800/t DAP.

Steel market

In the Mandi region, steel ingot prices decreased by INR 400/t to INR 45,000/t during the price reporting and normalisation phase. However, prices in other key markets dipped INR 100 to INR 400/t. The Raigarh & Mandi steel market experienced a notable decline today, with ingot prices dropping by INR 400/t.

Rebar (Fe500) prices dipped INR 500/t to INR 50,800/t ex-works today amid slow trade activity.HR strip(patra) prices also decreased by INR 500/t to INR 47,500/t ex-works in the region.

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 5,800-6,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $380-$382/t, approximately INR 37,765/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai decreased by INR 200/t d-o-d to INR 35,300/t DAP. Indicative prices of shredded from Europe stood at $395/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 15,950/t.