- Semi-finished steel prices decline by INR 400/t
- Pig iron prices fall by up INR 500/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 400/tonne (t) d-o-d to INR 39,400/t DAP on 17 April 2026, reflecting weak buying sentiment in the market. In today’s trading session, ingot prices opened at INR 45,800/t but faced resistance from buyers due to cautious sentiment, eventually settling lower at around INR 45,400/t. Mills remained hesitant to procure aggressively, leading to limited transactional activity and a soft undertone across the scrap segment. Scrap prices in the region decreased by INR 900-1,000/t w-o-w.
In Mandi Gobindgarh, scrap procurement by local mills stayed moderate, while there was steady supply from nearby regions. Imported scrap demand remained subdued as buyers continued to prefer domestic material due to better cost viability. While scrap prices largely moved within a narrow range, the broader market was weighed down by muted demand for semi-finished and finished steel. This reflects a cautious outlook among market participants, with weak downstream demand continuing to cap any significant upward price movement in the near term.
Alternative steel raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 300/t d-o-d to INR 33,600/t DAP. As per weekly basis prices declined by INR 700/t.
Steel-grade pig iron prices in Ludhiana fell by INR 500/t to INR 42,000/t DAP. W-o-w pig iron prices moved down by INR 900/t in Ludhiana.
Steel market trends
Semi-finished steel prices in Mandi Gobindgarh decreased by INR 400/t d-o-d to INR 45,400/t DAP during the reporting and normalisation period. Across major steel hubs, prices fell by INR 200-600/t. Ingot prices fell by INR 900/t as per weekly basis in Mandi.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 500/t to INR 51,300/t exw amid minimal trade activity. As per w-o-w comparison rebar prices sharply decreased by INR 1,000/t.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang increased by INR 200/t d-o-d on 17 April 2026, as per BigMint’s assessment. HMS (80:20) prices were assessed at INR 37,000/t ($399/t) exy. The increase comes despite softer steel prices in the previous session in the region. Scrap shortages due to ongoing gas supply issues tightened availability, encouraging scrap suppliers to raise their offers today.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,700-6,100/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $380-$385/t, approximately INR 37,700/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 100/t to INR 35,500/t DAP. Indicative prices of shredded from Europe stood at $393-$394/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 16,000/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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