India: BigMint's ferrous scrap index remains stable d-o-d; weak finish steel demand

• Scrap prices hold; sponge prices dips INR 200/t
  
  
• Falling steel prices weigh on sentiment
  
  

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 24 April 2026.

Mandi Gobindgarh a pivotal secondary steel hub in northern India, saw steady domestic scrap demand this week as mills maintained routine procurement levels. However, persistent weakness in semi-finished and finished steel demand drove steel prices lower, exacerbating payment delays from mills and a labor shortage that disrupted daily operations.

Domestic steel scrap arrivals slowed in Mandi Ludhiana, with suppliers holding back amid declining semi-finished and finished steel prices.

Imported scrap inflows remained sluggish in northern regions, pressured by a stronger US dollar against the INR and elevated freight rates linked to geopolitical tensions.

Local mills noted limited arrivals of LMS bundles and MS turning scrap, mainly from South Africa and Australia.

This combination of factors underscores ongoing caution in the secondary steel ecosystem, with mills prioritizing cost control amid soft end-user demand.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 200/t to INR 32,900/t DAP, reflecting subdued demand. Meanwhile, steel-grade pig iron prices in Ludhiana fell by INR 200/t to INR 42,600/t DAP.

Steel market trends

Ingot prices in Mandi Gobindgarh remained steady d-o-d at INR 45,000/t DAP on moderate to below moderate working. Rebar (Fe500) prices declined by INR 200/t to INR 50,600/t ex-works, while HR strip prices dipped by INR 400/t to INR 46,800/t ex-works. According to market sources, lackluster offtake prevented bold scrap purchases, with mills sticking to minimal, need-based procurement. Soft demand from end-users continued to drag steel prices lower, casting a shadow over scrap market mood.

Overview of Alang market

In Alang, Gujarat, shipbreaking melting scrap prices softened by INR 200/t on a d-o-d basis on 24 April 2026, with HMS (80:20) pegged at INR 36,800/t (about $390/t) exyard, according to BigMint's assessment. Reduced semifinished steel prices-down INR 500-600/t after a thin trading session-weighed on the scrap market, while only moderate scrap offtake from Bhavnagarbased IF mills encouraged suppliers to trim their offers today.

A local shipbreaker informed BigMint "That trading activity in Alang remained subdued, as fresh ship arrivals have also been weak recently. Currently, around 10-12 oil tankers and 10-12 LNG carriers are present for cutting, along with a limited number of small to mediumsized vessels, which is constraining the supply pipeline and keeping overall meltshop activity at a lower pace."

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 $382/t, approximately INR 38,300/t (inclusive of freight). 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 $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 16,100/t.

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

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact - support@bigmint.co