India: BigMint's ferrous scrap index gains INR 400/t as steel demand improves
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- Sponge iron prices increase by INR 200/t
- Semi-finished steel prices rise by INR 200-450/t
BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 38,000/t DAP on 9 March 2026.Scrap prices surged INR 300-400/t today on improved demand.
The post-Holi uptick in buying activity in Mandi Gobindgarh, a major secondary steel hub in India, kept prices supported. Scrap arrivals from neighbouring states stayed slow today, but sellers hiked prices by INR 300-400/t across grades. Mills ramped up procurement in decent volumes as demand gained momentum. Semi-finished and finished steel prices in Mandi Gobindgarh rose by INR 200-350/t, reflecting improved regional demand.
A major patra maker in Mandi Gobindgarh informed BigMint, "HR strip (patra) demand was sluggish last week, but buying inquiries rose today, alongside improved average lifting."
Additionally, price support in the secondary steel market stemmed from primary mills' March price hike announcement in finished steel segment, which bolstered sentiment.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh edged up by INR 200/t d-o-d to INR 32,900/t DAP while steel-grade pig iron prices in Ludhiana moved up by INR 100/t d-o-d to INR 40,300/t DAP.
Steel market trends
In Mandi Gobindgarh, semifinished steel (ingot) prices increased by INR 450/t d-o-d to INR 44,500/t DAP, reflecting positive market trend. In other major markets, ingot prices surged by INR200-500/t d-o-d.
Rebar (Fe500) prices improved by INR 200/t d-o-d to INR 49,200/t ex-works, accompanied by decent trading activity. HR strip (patra) prices rose by INR 600/t to INR 46,500/t ex-works.
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 $360/t, approximately INR 35,528/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d to INR 33,900/t DAP. Indicative prices of shredded from Europe stood at $382/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 14,300/t.
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