- Scrap prices surge on acute shortage
- Semis, finished steel prices increase by INR 850-1,100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, climbed by INR 1,000/tonne (t) d-o-d to INR 39,700/t DAP on 1 April 2026. Scrap prices witnessed a jump of INR 1,000-1,100/t today. The rally was driven by acute scrap shortages and improved buying activity across the secondary steel sector.
In Mandi, spot demand has driven up semifinished to finished steel prices. Shortage of steel scrap has prompted suppliers to raise offers today. Overall market sentiment remains bullish for further gains in the steel segment, supported by tight raw material availability and the ongoing gas crisis.
A Mandi mill owner informed: “Strong demand for HR strip (patra) in today’s trading session, with increased inquiries and bookings from local buyers as well as from neighboring regions.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh climbed by INR 900/t d-o-d to INR 34,600/t DAP. In contrast, steel-grade pig iron prices in Ludhiana jumped by INR 750/t to INR 42,800/t DAP.
Steel market trends
In Mandi Gobindgarh, semi‑finished steel (ingot) prices surged by INR 850/t d-o-d to INR 45,800/t DAP, reflecting improved demand. In other major production centres, ingot prices similarly increased by INR 300-1,200/t d-o-d.
Rebar (Fe500) prices in Mandi Gobindgarh increased by INR 700/t to INR 51,600/t exw, today. Meanwhile HR strip(patra) prices moved up by INR 1,100/t to INR 47,100/t exw today.
Overview of Alang market
On 1 April, 2026, prices for ship-breaking melting scrap (HMS 80:20) in Alang, Gujarat, surged INR 700 per tonne day-on-day, reaching INR 37,000/t ($395/t) ex-yard. Recent steel price gains exceeding INR 2,000/t, coupled with minor scrap shortages from gas supply disruptions, lifted regional sentiment and prompted suppliers to firm up offers.
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 $376/t, approximately INR 37,449/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 600/t d-o-d to INR 35,700/t DAP. Indicative prices of shredded from Europe stood at $395/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 15,450/t.
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