India: BigMint’s ferrous scrap index edges up by INR 100/t d-o-d amid measured trade activity

• Scrap arrivals adequate, but buyers also start booking imports
• Semis, finished steel prices increase by INR 100/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 42,500/t DAP on 1 Sept 2026.

The Mandi Gobindgarh market today witnessed moderate demand for scrap, while semi-finished and finished steel sentiment also remained subdued as many buyers kept purchases paused. At the same time, scrap supply into the cluster remained adequate, with decent scrap arrivals, while sponge iron inflows also remained healthy. Some steelmakers have slowly begun booking imported scrap in the $375-$378/t range as a cost hedge.

A mill owner informed BigMint, “Despite softer trading, market participants are hoping for a more positive price trend in coming days, driven by rising input costs (notably sponge iron and scrap) that are already feeding into routine steelmaking economics.”

Alternative steel raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh remained steady d-o-d at INR 33,500/t DAP, while steel-grade pig iron prices in Ludhiana fell by INR 300/t d-o-d to INR 42,700/t DAP.

Steel market trends

Semi-finished steel prices showed a mixed trend across major production centres. In Mandi Gobindgarh, ingot prices increased by INR 100/t d-o-d to INR 46,550/t DAP, while prices across other key production centres declined by INR 100-600/t.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $366/t, approximately INR 37,050/t (inclusive of freight). HMS (80:20) in Mumbai eased by INR 200/t d-o-d to INR 35,300/t DAP. Indicative prices of shredded from Europe stood at $416/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 12,750/t.

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

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