India: BigMint’s ferrous scrap index drops INR 300/t d-o-d as steel demand remains muted

• Sponge iron prices dip by INR 100/t
• Semis, finished steel prices fall by INR 300-350/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/tonne (t) d-o-d to INR 37,100/t DAP on 23 February 2026. Scrap prices in the region fell by INR 250-300/t today. Mandi mills are procuring scrap in a strictly need-based manner, with several major steelmakers halting purchases due to swelling inventories in raw materials and finished steel. The overall steel market has faced mounting pressure over the past two weeks, intensifying further in recent days. Domestic scrap arrivals from neighbouring states are compelling local suppliers to offload material in Mandi, driving daily price declines.

Raw material

Sponge iron (CDRI) prices moved down by INR 100/t d-o-d to INR 31,900/t DAP, while steel-grade pig iron dipped by INR 300/t to INR 39,700/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 350/t d-o-d, settling at INR 43,650/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-450/t today’s trading session.

Rebar (Fe500) prices in Mandi Gobindgarh dipped by INR 300/t d-o-d to 48,500/t ex-works. Meanwhile, HR strip (patra) prices softened by INR 300/t to INR 45,000/t ex-works.

Overview of Alang market

In Gujarat’s Alang, ship-breaking melting scrap prices firmed INR 200/t d-o-d, with HMS (80:20) at INR 33,700/t exy (BigMint). Yesterday’s INR 100-200/t steel price rises (semis and finished) sparked active trading and scrap inquiries, positioning suppliers to sustain higher offers amid positive momentum.

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 33,954/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 13,600/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.