India: BigMint’s ferrous scrap index up INR 400/t d-o-d as steel prices strengthen

• Sponge iron prices rise INR 200/t in Mandi
• Semis, finished steel prices rise INR 200-700/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, advanced by INR 400/tonne (t) d-o-d to INR 42,000/t DAP on 19 October 2026. Regional scrap prices rose INR 400-700/t d-o-d, driven by stronger semi-finished steel prices and renewed buying activity.

A mill owner informed BigMint:”The festive period supported spot demand in Mandi Gobindgarh, while logistics disruptions and labour shortages emerged as the key market drivers.”

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 200/t d-o-d to 34,000/t DAP, while steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 43,500/t DAP.

Steel market

In the steel segment, Mandi Gobindgarh ingot prices climbed INR 700/t d-o-d to INR 46,900/t DAP, supported by moderate demand in today’s trading session. Other key hubs also saw ingot values firm by INR 200-1,000/t, reflecting a broader upward trend. In finished steel, rebar ex‑works prices advanced INR 200/t to INR 51,800/t, underpinned by steady buying from local traders and end users. Similarly HR strip(patra) prices also rose by INR 500/t d-o-d to INR 50,500/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 6,000-6,400/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $365-$368/t, approximately INR 37,000/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,300/t DAP. Indicative prices of shredded from Europe stood at $403-$405/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 16,500/t.

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

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