India: BigMint’s ferrous scrap index slides by INR 500/t d-o-d amid cautious buying

• Sponge iron prices fall by INR 200/t d-o-d
• Semis, finished prices drop INR 300-500/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, fell by INR 500/tonne (t) d-o-d to INR 37,800/t DAP on 1 June 2026. In Mandi, the market was cautious as mills curtailed scrap purchases amid weak finished steel sales, leaving trading subdued across both sessions. Scrap and finished‑steel prices slipped INR 300-500/t as trade remained thin, with local mills hoping for a demand improvement while buyers stayed reluctant, expecting possible further price corrections. This kept immediate sentiment muted and downside risk present.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 200/t d-o-d to INR 30,500/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 100/t to INR 42,600/t DAP.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices moved down by INR 500/t to INR 42,800/t DAP, reflecting lacklustre steel demand. In other major production centres, ingot prices declined by INR 100-700/t d-o-d.

In Mandi Gobindgarh, rebar (Fe500) prices declined by INR 300/t to INR 48,000/t exw today, reflecting subdued trading volumes. HR strip (patra) prices fell by INR 200/t d-o-d to INR 46,300/t exw.

Overview of Alang market

On 1 June 2026, Alang ship‑breaking melting scrap prices slipped INR 100/t d-o-d to INR 35,500/t ex‑yard. Regional semi‑finished and finished steel prices saw modest declines in the previous trading session, while tepid scrap volumes prompted sellers to reduce asking prices.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,900-5,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $364/t, approximately INR 36,970/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai fell by INR 200/t to INR 34,300/t DAP. Indicative prices of shredded from Europe stood at $398/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 14,100/t.

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

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