India: BigMint's ferrous scrap index up INR 200/t d-o-d

• Semi-finished steel prices increase by INR 100/t
  
  
• Pig iron prices increased by INR 500/t
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 41,000/t DAP on 9 April 2026. The market opened on a positive note, with initial momentum supported by improved sentiment. Billet prices, which had closed at INR 46,800/t in the previous session, increased to INR 47,000/t during the first half of the day.

However, the upward trend could not be sustained as demand failed to pick up thereafter. Buying activity remained subdued in the latter half, leading the market to stabilize, with prices holding steady at the achieved levels.

Alternate raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable day-on-day at INR 34,600/t DAP. While Steel grade pig iron prices in Ludhiana saw a d-o-d rise of INR 550/t, settling at INR 43,750/t DAP.

Steel market trend

The semi-finished steel market in Mandi Gobindgarh recorded a day-on-day increase of INR 100/t, with current prices assessed at INR 46,900/t DAP during the reporting and normalisation period. Across major steel hubs, prices increased by INR 100-400/t, reflecting a positive market trend. Notably, Raigarh market witnessed a sharp rise of INR 400/t, driven by active trade and firm demand.

In the finished steel segment, rebar (Fe500) prices remained stable d-o-d, and are currently assessed at INR 53,000/t ex-works.

Overview of Alang market

Ship-breaking melting scrap prices in Gujarat's Alang market decreased by INR 300/t d-o-d on 9 Apr'26. According to BigMint's assessment, HMS (80:20) prices are at INR 37,500/t ($405/t) ex-yard. Semi-finished and finished steel prices in the region declined by INR 1,000-1,200/t in yesterday's trading session due to slow finished steel demand. Meanwhile, average trading momentum in scrap prompted suppliers to reduce 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 5,800-6,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $384-$388/t, approximately INR 37,900/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 100/t to INR 36,000/t DAP. Indicative prices of shredded from Europe stood at $403-$405/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 16,050/t.

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

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