India: BigMint's ferrous scrap index slides INR 300/t d-o-d for second consecutive day

• Sponge iron prices remains stable d-o-d
  
  
• Semis, finished steel prices soften by INR 350-400/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 300/tonne (t) d-o-d to INR 36,800/t DAP on 24 Feb 2026. Steel scrap prices in the region have been on a steady decline over the past two days, with a total drop of approximately INR 600-700/t, according to BigMint's analysis.

The northern steel hub of Mandi Gobindgarh saw an unusually quiet day with no significant steel demand. Trading in both the morning and afternoon sessions remained largely inactive, with only a few scattered deals in semi-finished and finished steel. Scrap purchases were confined to meeting immediate requirements, reflecting a cautious market sentiment.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 31,900/t DAP. In contrast, steel-grade pig iron prices in Ludhiana remained steady at INR 39,700/t DAP.

Steel market trends

In Mandi Gobindgarh, semifinished steel (ingot) prices slipped by INR350/t d-o-d to INR 43,300/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices similarly declined by INR100-200/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh fell by INR 400/t d-o-d to INR 48,100/t exw, with minimal trade activity today. Similarly, HR strip (patra) prices also declined by INR 500/t to INR 44,500/t exw. Over the past three working days, patra prices have declined by INR 800/t, driven by muted market sentiment and subdued demand.

Overview of Jalna market

In the western India based Jalna market, rebar and HMS (80:20) scrap prices declined by INR 200/t, settling at INR 48,600/t and INR 31,800/t, respectively. Meanwhile, billet prices edged down by INR 100/t to INR 42,500/t.

Trade activity in the finished steel segment has slowed due to moderate demand conditions. According to market participants, rebar inventory levels at mills are currently around 10-15 days. However, amid tight scrap availability, suppliers are reluctant to offer material at lower price levels, limiting further downside in scrap prices.

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 $348/t, approximately INR 33,942/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $371-$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 13,500/t.

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