India: BigMint’s ferrous scrap index continues to rise amid moderate steel demand

• Sponge prices remains steady d-o-d in Mandi
• Semis, finished steel prices increase by INR 600-700/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, climbed by INR 500/tonne (t) d-o-d to INR 37,800/t DAP on 15 January 2026.

In the key secondary steel hub of Mandi Gobindgarh, scrap prices continued to edge higher in both halves of the trading session. However, buying remained largely need-based, as the sudden uptick in finished steel prices made buyers cautious. Despite the price increase, overall demand stayed moderate, reflecting restrained procurement amid uncertain market direction.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi remained steady d-o-d at INR 29,600/t (DAP). Similarly, steel-grade pig iron prices in Ludhiana improved significantly by INR 400/t d-o-d to INR 40,000/t (DAP).

Steel market

Semi-finished steel prices (ingot) in Mandi Gobindgarh rose by INR 600/t d-o-d to INR 43,500/t (DAP), while ingot prices across major production hubs strengthened by INR 100-1,100/t over the same period. Ingot prices in Ghaziabad jumped by INR 1,100/t today, marking the largest single-day increase observed across India.

Rebar (Fe500) prices in Mandi Gobindgarh climbed by INR 700/t day-on-day, reaching INR 48,100/t ex-works. HR strip(patra) prices moved up d-o-d by INR 600/t to INR 44,200/t ex-works.

A mill owner informed “Demand in the finished steel market remained moderate despite the price uptick in the latter half of the trading session.”

Overview of Alang market

On Jan 15’26, Alang’s ship-breaking melting scrap prices rose INR 500/t d-o-d, per BigMint. HMS (80:20) was valued at INR 31,800/t exy. Yesterday’s Uttrayan (Makar Sankranti) holiday closed the region, while key steel markets traded briskly. Positive sentiment drove scrap suppliers to lift their prices.

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 $326/t, approximately INR 31,737/t (inclusive of freight). 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 16,050/t.

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

To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co