India: BigMint’s ferrous scrap index stable d-o-d as prices remain rangebound

• Raw material prices witness minor fluctuation
• Semis, finished steel prices remain stable d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,400/tonne (t) DAP on 21 January 2026. In Mandi Gobindgarh, the market saw subdued activity as mills awaited further steel price hikes while buyers anticipated deeper corrections amid pricing disparities. Scrap demand remained routine, with mills procuring at lower discounts and sellers holding firm on higher quotes, exacerbated by strong domestic scrap arrivals. Near-term market outlook appears rangebound, as local steelmakers hope for stability.

Alternative raw material prices

In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t to INR 30,500/t DAP, while steel-grade pig iron prices in Ludhiana remained steady d-o-d at INR 39,800/t DAP.

Steel market

Semi-finished steel (ingot) prices in Mandi Gobindgarh remained unchanged day-on-day at INR 44,000/t DAP, while other key production hubs saw declines of INR 100-600/t in today’s trading. In Ahmedabad, ingot prices saw a significant drop of around 600/t d-o-d.

Overview of Alang market

Alang, Gujarat ship-breaking scrap (melting grade) prices stayed flat d-o-d as of 21 January. BigMint’s yard assessment fixed HMS (80:20) at INR 33,000/t ($361/t). Regional trading yesterday featured average semi-finished/finished steel activity, with Bhavnagar mills’ scrap inquiries supporting stable 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 5,200-5,600/t

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $333/t, approximately INR 32,804/t (inclusive of freight). HMS(80:20) scrap prices in Mumbai remained stable d-o-d at INR 32,300/t DAP. Indicative prices of shredded from Europe stood at $363/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 15,850/t.

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

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