India: BigMint’s ferrous scrap index remains stable d-o-d amid weak scrap arrivals

• Alternate raw material prices remains firm d-o-d
• Finished steel prices improves by INR 400/t today

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,100/tonne (t) DAP on 17 March 2026. Mild scrap shortages were observed in the region. Additionally, LMS and HMS scrap prices in Mandi Gobindgarh climbed INR 200/t today, driven by tight supplies from other states. The LNG crisis and intensified GST checks have further curtailed arrivals, prompting suppliers to hike rates in these grades. Overall market sentiment stayed moderate, buoyed by finished steel prices surging INR 400/t d-o-d in the region.

Raw material

In Mandi Gobindgarh, sponge iron (CDRI) prices remained stable d-o-d at INR 32,700/t DAP, while steel-grade pig iron prices in Ludhiana remained unchanged at INR 39,800/t DAP.

Steel market dynamics

Semi-finished steel(ingot) prices in Mandi Gobindgarh inched down by INR 100/t d-o-d to INR 44,300/t DAP.

In the rebar (Fe500) segment, prices climbed INR 400/t d-o-d to INR 49,800/t ex-works. Buying interest stayed moderate in the region. HR strip (patra) prices also rose by INR 200/t to INR 46,500/t ex-works today.

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 $360-$362/t, approximately INR 35,656/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,700/t DAP. Indicative prices of shredded from Europe stood at $380-$382/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 15,200/t.

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