India: BigMint’s ferrous scrap index rises as steel prices improve

• Sponge iron prices increase by INR 200/t d-o-d
• Semis, finished steel prices climb INR 300-400/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 38,600/t DAP on 4 February 2026. Today, semi-finished and finished steel prices climbed INR 300-400/t d-o-d, poised to pull scrap prices higher. Demand edged up in the session’s first half, but buyers grew cautious with the rally leading to a slowdown in trade later on in the day. A local HR strip (patra) maker informed that slightly improved regional demand was the main driver behind mills’ INR 500/t hike.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi increased by INR 200/t d-o-d to INR 31,100/t (DAP). Steel-grade pig iron prices in Ludhiana inched up by INR 100/t d-o-d to INR 40,350/t (DAP) amid limited buyers in the market.

Steel market

Semi-finished steel prices (ingot) in Mandi Gobindgarh rose by INR 400/t d-o-d to INR 45,000/t (DAP), while ingot prices across major production hubs strengthened by INR 300-600/t over the same period. Ingot prices in Mumbai jumped INR 600/t today, marking the largest single-day increase observed across India.

Rebar (Fe500) prices in Mandi Gobindgarh climbed by INR 300/t d-o-d, reaching INR 49,700/t ex-works. HR strip (patra) prices moved up d-o-d by INR 500/t to INR 46,500/t ex-works.

Overview of Durgapur market

In eastern India’s Durgapur market, billet prices rose by INR 500/t to INR 41,400/t, while rebar and HMS (80:20) prices increased by INR 400/t to INR 44,800/t and INR 34,700/t, respectively. The market witnessed active finished steel trading, encouraging scrap suppliers to quote higher rates, However, buyers continue to resist higher price levels.

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 6,200-6,600/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $335/t, approximately INR 32,600/t (inclusive of freight). HMS (80:20) prices in Mumbai have remained stable over the last three days and are assessed at INR 32,700/t DAP. Indicative prices of shredded from Europe stood at $363/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 14,550/t.

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

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