India: BigMint’s ferrous scrap index falls by INR 100/t d-o-d

• Sponge iron prices remains stable d-o-d
• Semis, finished steel prices dips by INR 100-300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 37,900/t DAP on 17 February 2026.The overall scrap market remained moderate to below-moderate, with no aggressive buying observed for an extended period, though near-term steel prices appear range-bound. Strong domestic scrap arrivals have been the primary factor prompting suppliers to lower their offer levels. Imported scrap buyers continue procuring in limited volumes, preferring domestic material in the current market.

Mandi mills receiving competitive offers: HMS 1 at $360/t (Bahrain origin, CFR Mundra)and HMS(80:20) $345/t (South America, CFR Mundra).

Raw material

Sponge iron (CDRI) prices decreased by INR 100/t d-o-d at INR 32,100/t DAP, while steel-grade pig iron held steady at INR 40,200/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh moved down by INR 100/t d-o-d, settling at INR 44,400/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-200/t today’s trading session.

In Mandi, rebar prices declined by INR 300/t d-o-d to INR 49,300/t ex-works, while HR strip (patra) prices fell by INR 500/t d-o-d to INR 45,400/t ex-works. Over the past 6 working days, rebar prices have dropped INR 700/t and patra prices have significantly decreased by INR 1,600/t, reflecting weak steel demand.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,400-6,700/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,130/t (inclusive of freight). HMS (80:20) prices in Mumbai moved up by INR 200/t d-o-d to INR 34,000/t DAP. Indicative prices of shredded from Europe stood at $368-$370/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 13,700/t.

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