India: BigMint's ferrous scrap index rises INR 200/t d-o-d amid moderate steel demand

• Semi-finished steel prices increase by INR 200/t today
  
  
• Slight scrap shortage may support prices in near term
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t d-o-d to INR 39,100/tonne (t) DAP on 22 April 2026.

In the major secondary steel cluster of Mandi Gobindgarh, steel prices saw a slight uptick today, supported by moderate buying activity. Consequently, scrap buying also remained healthy during the trading session.

A mill owner informed BigMint, "Despite below-average demand for finished steel, the scrap market is likely to remain firm in the near term due to a slight shortage."

Raw materials overview

Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 33,200/t DAP. On the other hand, Ludhiana pig iron (steel grade) prices moved up by INR 450/t to INR 42,150/t DAP.

Steel market

In the Mandi region, steel ingot prices increased by INR 200/t to INR 45,200/t during the price reporting and normalisation phase. However, prices in other key markets rose INR 100-900/t.

Similarly, in the rebar (Fe500) segment, Mandi prices increased by INR 400/t d-o-d to INR 50,700/t exw, supported by moderate demand. HR strip(patra) prices remained firm d-o-d at INR 47,400/t exw in the region.

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 $383-$385/t, approximately INR 38,100/t (inclusive of freight). HMS (80:20) prices in Mumbai up by INR 100/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 16,150/t.

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

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