India: BigMint's ferrous scrap index remains stable d-o-d on lackluster steel demand

• Sponge iron prices decline by INR 100/t d-o-d
  
  
• Finished steel prices soften by INR 500/t today
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,900/tonne (t) DAP on 21 April 2026.Scrap demand in the region remains decent, with mills procuring domestic steel scrap at fairly healthy levels. However, demand for semifinished and finished steel has stayed weak across both halves of the trading session, leading to a decline in finished steel prices.

A mill owner informed "Domestic scrap inflows into Mandi have slowed from neighboring regions as suppliers hold back supplies in the ongoing downtrend steel market, with a mild shortage now also visible in the region today."

Few mills and traders reported that South Africanorigin LMS bundles and loose scrap have arrived in Mandi at $338-$345/t, even as booking activity for imported scrap remains very slow under the current market conditions.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 33,300/t DAP. In contrast, steel-grade pig iron prices in Ludhiana moved down by INR 100/t to INR 41,700/t DAP.

Steel market trends

In Mandi Gobindgarh, semifinished steel (ingot) prices remained steady on a dayonday basis at INR 45,000/t DAP, reflecting moderate to belowmoderate demand. In other major production centers, prices either declined by INR 100-300/t or rose by INR 100-400/t dod, indicating a mixed price trend across the domestic market.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 500/t d-o-d to INR 50,300/t exw. HR strip (patra) prices also inched down by INR 100/t to INR 47,400/t exw.

Overview of Alang market

On 21 Apr'26, shipbreaking melting scrap in Gujarats Alang market eased by INR 300/t dod, as BigMint pegs HMS (80:20) at INR 36,700/t exyard; weaktomoderate trade in the prior session pulled semifinished and finished steel prices down by INR 100-200/t in the region, and with only average activity in the scrap market, sellers have begun trimming their offers.

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 37,986/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at 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 16,300/t.