India: BigMint’s scrap index drops marginally d-o-d amid weak buying interest

• Sponge iron prices remain stable d-o-d
• Finished steel prices dip INR 100/t today

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 36,700/t DAP on 25 February 2026. Scrap prices in Mandi Gobindgarh declined today due to a sluggish, largely inactive steel market and muted buying interest.
Exceeding arrivals of domestic steel scrap, coupled with ample mill inventories, has slowed procurement activity, pressuring suppliers to lower their offers.

Raw material

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 31,900/t DAP while steel-grade pig iron prices in Ludhiana edged down by INR 200/t d-o-d to INR 39,500/t DAP

Steel market trends

In Mandi Gobindgarh, semi‑finished steel (ingot) prices remained stable d-o-d at INR 43,300/t DAP, reflecting reduced transactions and softening demand. In other major markets, ingot prices declined by INR 100-300/t d-o-d.

Rebar (Fe500) prices fell INR 100/t d-o-d to INR 48,000/t ex-works, accompanied by minimal trading activity. HR strip (patra) prices dropped INR 200/t to INR 44,300/t ex-works, marking a cumulative INR 1,000/t decline over the past three working days. The downturn reflects muted market sentiment and subdued demand across secondary steel hubs. Weak trading further pressured prices in the region.

Overview of Alang market

On 25 February, 2026, ship-breaking melting scrap prices in Alang, Gujarat, declined by INR 200/t day-on-day, according to BigMint’s assessment. HMS (80:20) was quoted at INR 33,400/t ex-yard, driven by a INR 200-300/t correction in semi-finished and finished steel prices due to subdued trading activity and moderate demand from induction furnace (IF) mills.

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 33,942/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 13,800/t.

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