India: BigMint’s ferrous scrap index plunges INR 100/t amid mixed market sentiments

• Sponge iron prices remains steady d-o-d
• Semis, finished steel prices dips by INR 100-200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 100/tonne (t) d-o-d to INR 37,800/t DAP on 18 February 2026. Rangebound trends and slow sales persisted in semi-finished and finished steel across both trading halves today in Mandi Gobindgarh, prompting scrap sellers to lower offers amid subdued momentum. Overall steel prices dipped INR 100-200/t d-o-d.

A mill owner informed “steel scrap buyers await further softening, while sellers hope for an uptick next week. Strong domestic scrap arrivals continue pressuring offers, as imported volumes remain limited.”

Raw material

Sponge iron (CDRI) prices remained stable d-o-d at INR 32,100/t DAP, while steel-grade pig iron held steady at INR 40,200/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh fell INR 100/t d-o-d to INR 44,300/t DAP. Other major production hubs saw rangebound prices with minor fluctuations of INR 50-150/t in today’s trading session.

Mandi rebar(fe500) prices dropped INR 200/t d-o-d to INR 49,100/t ex-works, marking a continuous decline. In the last 7 working days, prices shed INR 900/t due to rising inventories and weak demand in this major steel market.

HR strip (patra) prices remained stable d-o-d at INR 45,400/t ex-works.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,400-6,700/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,130/t (inclusive of freight). HMS (80:20) prices in Mumbai moved down by INR 400/t d-o-d to INR 33,600/t DAP. Indicative prices of shredded from Europe stood at $370-$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.

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co

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