India: BigMint’s ferrous scrap index rises by INR 200/t d-o-d as demand strengthens

• Sponge iron prices increase by INR 300/t d-o-d
• Semi-finished steel prices inch up by INR 100/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t d-o-d to INR 37,700/tonne (t) DAP on 23 July 2026.

Mandi Gobindgarh, a key price indicator for India’s secondary steel market, witnessed improved buying sentiment today. Scrap prices rose by INR 200-300/t as mills remained active in domestic procurement, while sponge iron prices gained another INR 300/t on decent local buying. Semi-finished steel (ingot) prices also registered a d-o-d improvement, reflecting firmer market confidence across the supply chain.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 300/t d-o-d to INR 29,300/t DAP, indicating a firming trend in the local market. In contrast, steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 40,300/t DAP, suggesting steady demand in the region.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 42,100/t DAP. Other major production hubs also saw an increase of INR 100-450/t in today’s trading session. However, improved spot demand was observed in today’s market.

Rebar (Fe500) prices in Mandi Gobindgarh remained stable d-o-d at INR 46,800/t ex-works. HR strip (patra) prices also remained unchanged d-o-d at INR 46,500/t ex-works.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,300-4,700/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $332-$335/t, approximately INR 34,500/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $392-$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 13,800/t.

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

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