India: BigMint’s ferrous scrap index drops on weaker steel prices, subdued demand

• Sponge iron prices fall by INR 100/t d-o-d
• Semis, finished steel prices down INR 200-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 200/tonne (t) d-o-d to INR 37,900/t DAP on 24 March 2026. Scrap prices in the region declined by INR 100-200/t d-o-d. In Mandi Gobindgarh, scrap inflows stayed low, supported by a minor shortage but restrained by limited demand, causing sellers to reduce their offers. Accordingly, semi‑finished and finished steel prices fell by INR 100-200/t during today’s session. Work rhythm has remained slow over the past two days, and overall activity is moderate to below‑moderate.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 100/t d-o-d to INR 32,600/t DAP. Steel-grade pig iron prices in Ludhiana fell by INR 50/t to INR 39,650/t DAP.

Steel market trends

In Mandi Gobindgarh, semi‑finished steel (ingot) prices slipped INR 300/t d-o-d to INR 44,100/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices declined by INR 100-500/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 200/t to INR 49,600/t exw, with minimal trade activity today. HR strip (patra) prices also decreased by INR 200/t d-o-d to INR 45,900/t exw in the region.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,900-6,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $365/t, approximately INR 36,529/t (inclusive of freight). HMS (80:20) prices in Mumbai surged by INR 300/t d-o-d to INR 34,500/t DAP. Indicative prices of shredded from Europe stood at $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 15,100/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.