- Healthy scrap demand, slow arrivals support prices
- Weak finished steel demand, high mill stocks cap upside
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,900/tonne (t) DAP on 28 April 2026.
Scrap demand in Mandi Gobindgarh, a key secondary steel hub in India, remained moderately strong, while scrap arrivals remained mildly slow. However, tepid steel demand and mild inventory pressure on finished steel dampened overall market activity.
However, semi-finished steel prices remain largely stable in Mandi Gobindgarh due to labour shortages, weak steel demand, and mild scrap shortages.
Notably, imported scrap trade was stalled amid wide bid-offer spreads, while local procurement was concentrated on cheaper domestic material.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,900/t DAP. Similarly, steel-grade pig iron prices in Ludhiana also remained steady at INR 42,000/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel (ingot) prices remained unchanged d-o-d at INR 45,000/t DAP, reflecting soft steel demand. In other major production centres, ingot prices declined by INR 100-300/t d-o-d.
In Mandi Gobindgarh, rebar (Fe500) prices declined by INR 300/t to INR 50,200/t ex-works today, reflecting subdued trading volumes as TMT prices in Mandi have declined by INR 600/t within four working days. HR strip (patra) prices fell by INR 100/t d-o-d to INR 46,800/t ex-works amid ongoing regional weakness.
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 5,700-6,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $387/t, approximately INR 38,900/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at INR 35,500/t DAP. Indicative prices of shredded from Europe stood at $410/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 16,150/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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