India: BigMint’s ferrous scrap index climbs up by INR 300/t d-o-d as demand improves

• Local mill restocking lifts scrap demand, prices
• Demand rises despite thin festive participation

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 300/tonne (t) d-o-d to INR 37,300/t DAP on 14 January 2026.

Scrap prices in Mandi Gobindgarh, one of India’s most influential secondary steel hubs, moved sharply higher today as local steelmakers returned to the market with improved buying interest. The uptick followed a period of cautious procurement and came despite limited market participation due to ongoing festive holidays. Stronger cues from the primary steel segment further reinforced sentiment across the value chain.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi increased by INR 350/t d-o-d to INR 29,600/t (DAP). Similarly, steel-grade pig iron prices in Ludhiana improved significantly by INR 400/t d-o-d to INR 39,600/t (DAP).

Steel market

Semi-finished steel prices (ingot) in Mandi Gobindgarh rose by INR 400/t d-o-d to INR 42,800/t (DAP), while ingot prices across major production hubs strengthened by INR 200-1,100/t over the same period. Ingot prices in Raigarh jumped by INR 1,100/t today, marking the largest single-day increase observed across India.

Rebar (Fe500) prices in Mandi Gobindgarh rose INR 300/t day-on-day, reaching INR 47,400/t ex-works. This uptick reflects steady demand amid stable scrap inputs.

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 5,100-5,600/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $326/t, approximately INR 31,737/t (inclusive of freight). HMS (80:20) in Mumbai moved up by INR 300/t to INR 32,000/t DAP. Indicative prices of shredded from Europe stood at $353/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 16,150/t.

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

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