India: BigMint's scrap index slips INR 200/t d-o-d as muted buying weighs on sentiment

• Inventory & logistics weigh on nearterm outlook.
  
  
• Weak steel demand makes scrap buying selective.
  
  

BigMint's domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 37,900/t DAP on 11 June 2026.

Buying remained subdued today, led by weaker demand for scrap and semifinished steel despite minor spot price upticks in finished steel; increased GST checks disrupted routine transactions and reduced buyer participation, weak offtake in finished steel kept downstream demand muted, a mild buildup of dealer inventories restrained fresh purchases, and ongoing logistics issues slowed movements-overall sentiment is cautious with selective buying likely only for confirmed orders or clear price advantages.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh dull by INR 100/t d-o-d to INR 30,500/t DAP. In contrast, steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 41,600/t DAP.

Steel market

In Mandi, steel ingot prices decreased by INR 200/t to INR 42,950/t DAP during the price reporting and normalization phase. Other major markets recorded decreases of INR 100-300/t today.

In the rebar (Fe500) segment, Mandi prices inched up by INR 100/t d-o-d to INR 47,900/t exworks, reflecting moderate to below moderate demand. Meanwhile, HR strip (patra) in the region eased by INR 200/t to INR 47,000/t exworks.

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 4,900-5,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $355/t, approximately INR 36,300/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained firmed at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $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 14,700/t.