India: BigMint's ferrous scrap index slides INR 100/t d-o-d amid limited trades

• Sponge iron prices remains stable d-o-d
  
  
• Semi-finished steel prices decline by INR 150/t today
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 37,200/t DAP on 03 March 2026. The Mandi Gobindgarh steel market witnessed a downtrend in steel prices ahead of the upcoming festival, with only needbased activity seen in trade. This subdued sentiment prompted scrap suppliers to lower their offers in todays market. Local mills, however, remain optimistic that steel prices will firm up after the festival, expecting improved demand once operations resume after the oneweek halt.

A mill owner informed "Overall loading and unloading of scrap remained on hold from today due to the upcoming festival. Transportation and logistics are expected to face disruptions over the next few days, creating a nearmarketclosure situation for several days. As a result, mills are restricting their purchases and operating with only limited procurement today."

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,600/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 100/t to INR 39,800/t DAP.

Steel market trends

In Mandi Gobindgarh, semifinished steel (ingot) prices slipped by INR100/t d-o-d to INR 43,700/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices similarly declined by INR100-550/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 100/t to INR 48,500/t exw, with minimal trade activity today.

Overview of Alang market

BigMint's assessment indicates that shipbreaking melting scrap prices in Alang, Gujarat, climbed by INR 400/t dod to INR 33,800/t exyard. This uptrend followed a INR 1,200-1,500/t increase in semifinished and finished steel prices during yesterdays trading, driving higher scrap inquiries and prompting local suppliers to hike their offers today.

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 $350/t, approximately INR 34,549/t (inclusive of freight). Indicative prices of shredded from Europe stood at $373/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 13,850/t.

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