India: BigMint’s ferrous scrap index continues to decline for the 2nd consecutive day

• Sponge iron prices down INR 200/t d-o-d
• Semis, finished steel prices dip by INR 300-400/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/tonne (t) d-o-d to INR 37,800/t DAP on 19 May 2026.Scrap prices fell by INR 300-600/t in the region. Steel prices have continued tumbling over the last two days amid lackluster demand.

Mandi Gobindgarh, a key secondary steel hub, is under pressure as falling prices, weak finished-steel demand and tighter scrap supplies squeeze margins, slow sales and prompt inventory build-ups; local ferrous-scrap shortages are adding cost-push pressures even as some raw-material costs ease, leaving the market tone bearish and near-term caution likely to persist.

Raw material

Sponge iron prices decreased by INR 200/t to INR 31,100/t DAP, while steel grade pig iron prices in Ludhiana eased by INR 150/t to 41,850/t in todays session. Buying is limited to hand-to-mouth, need-based volumes as mills avoid stocking up in a falling market.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices fell by INR 400/t d-o-d to INR 43,100/t DAP. In other major production centres, ingot prices declined by INR 100-650/t d-o-d. The steepest fall seen in the Raigarh market were ingot prices down by INR 650/t d-o-d.

In Mandi Gobindgarh, rebar (Fe500) prices declined by INR 300/t to INR 48,200/t ex-works today. HR strip (patra) prices fell by INR 300/t d-o-d to INR 44,200/t ex-works.

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 5,200-5,700/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $375/t, approximately INR 38,550/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai increased by INR 300/t to INR 35,000/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 14,300/t.

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

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