India: BigMint’s ferrous scrap index remains stable d-o-d even as demand stays firm

• Sponge iron prices increase by INR 100/t d-o-d
• Semis, finished steel prices up INR 100-200/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 23 March 2026. HMS and LMS prices rose INR 100-200/t, driven by the ongoing gas crisis and a minor regional scrap shortage. Moderate demand emerged for semi-finished and finished steel, while scrap demand stayed firm.

The imported scrap market remained weak, pressured by a stronger dollar and a depreciating rupee, which increased the landed cost for Indian buyers. Geopolitical tensions further added to uncertainty, acting as a key deterrent to aggressive import bookings. Meanwhile, imported scrap prices continued to rise, prompting mills to shift their focus toward domestic scrap procurement to manage costs and ensure supply stability.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 32,700/t DAP. In contrast, steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 39,600/t DAP.

Steel market trends

In Mandi Gobindgarh, semi finished steel (ingot) prices inched up by INR 100/t d-o-d to INR 44,400/t DAP, reflecting rangebound market demand. In other key production hubs, ingot prices witnessed marginal gains of INR 50-100/t, while a few markets reported declines in the range of INR 100-400/t d-o-d, reflecting mixed regional trends.

Rebar (Fe500) prices in Mandi Gobindgarh surged by INR 200/t to INR 49,800/t exw.

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 $365/t, approximately INR 36,326/t (inclusive of freight). HMS (80:20) prices in Mumbai remained unchanged d-o-d at INR 34,200/t DAP. Indicative prices of shredded from Europe stood at $386/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 15,250/t.

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