India: BigMint’s ferrous scrap index gains INR 200/t d-o-d amid positive market sentiment

• Sponge iron prices rise by INR 200/t d-o-d
• Semis, finished steel prices increase by INR 300/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 200/tonne (t) d-o-d to INR 38,500/t DAP on 29 January 2026.

Mandi Gobindgarh’s steel market remained moderate, with prices rising by INR 200-300/t amid need-based scrap inquiries constrained by GST checks and demand uncertainty. Bid-offer disparities lingered in major markets, as buyers stuck to lower levels while suppliers held firm with higher asks; imported scrap demand stayed muted amid cheaper domestic options.

Raw materials

Sponge iron (CDRI) prices in Mandi Gobindgarh edged up by INR 200/t d-o-d to INR 30,700/t DAP. Steel grade pig iron prices in Ludhiana increased by INR 100/t d-o-d to INR 40,400/t DAP.

Steel market trends

In Mandi Gobindgarh, semi-finished steel prices rose by INR 300/t d-o-d to INR 44,700/t DAP during the reporting and normalisation period. Across major steel hubs, prices gained INR 100-800/t, signalling a broadly positive trend.

Similarly, in the rebar (Fe500) segment, prices gained INR 300/t d-o-d in Mandi to INR 49,300/t exw, supported by moderate demand.

Overview of Alang market

According to BigMint, Alang’s ship-breaking melting scrap dipped INR 500/t d-o-d to INR 32,500/t ex-yard for HMS (80:20) on 29 January. This follows yesterday’s lacklustre session for semi-finished and finished steel (down INR 400-500/t), where tepid local scrap buying nudged suppliers to trim offers.

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 5,900-6,300/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $335-$337/t, approximately INR 33,275/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d to INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $$362-$364/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 15,300/t.

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

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