India: BigMint’s ferrous scrap index remains stable d-o-d despite soft finished steel demand

• Sponge iron prices remain stable d-o-d
• Finished steel prices dip by INR 200/t today

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 37,800/tonne (t) DAP on 19 March 2026. In Mandi Gobindgarh, mills procured scrap at moderate levels; limited recent supplies allowed sellers to maintain steady offers, while demand for semi-finished and finished steel softened a bit versus last trading session.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,500/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 100/t to INR 39,600/t DAP.

Steel market trends

In Mandi Gobindgarh, semi finished steel (ingot) prices inched up by INR 100/t d-o-d to INR 44,200/t DAP, reflecting rangebound market demand. In other major production centres, ingot prices declined by INR 50-300/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 200/t to INR 49,400/t exw, with minimal trade activity today.

Overview of other market

In Alang, melting scrap from ship-breaking fell INR 200/t d-o-d on 19 March, BigMint assessing HMS (80:20) at INR 34,500/t ex-yard, as semi-finished/finished steel prices dropped INR 100-200/t post-moderate session-Bhavnagar IF mills’ average scrap intake drove supplier price cuts today.

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 6,000-6,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $366/t, approximately INR 36,329/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,700/t DAP. Indicative prices of shredded from Europe stood at $384-$386/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 15,400/t.

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