India: BigMint’s ferrous scrap index surges on steel market rally

• Sponge iron prices increase by INR 600/t
• Semis, finished steel prices jump INR 900-1,100/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, climbed INR 900/tonne (t) d-o-d to INR 40,900/t DAP on 6 April 2026. Scrap prices jumped INR 800-900/t today. The surge was driven by acute shortages and a strong rebound in secondary steel prices, pushing market sentiment upward.

Supply tightness fuels scrap rally

Scrap prices in Mandi Gobindgarh jumped by INR 800-900/t during the day, supported by limited availability and improved buying interest. Suppliers raised offers aggressively, while buyers re-entered the market to secure material amid rising finished steel prices.

A mill owner informed: “Ferrous scrap prices are expected to remain firm in the near term, supported by tight supply and strong finished steel prices. However, sustained upside will depend on improvement in real demand, as current buying remains partly sentiment-driven.”

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh climbed up by INR 600/t d-o-d to INR 35,100/t DAP. In contrast, steel-grade pig iron prices in Ludhiana jumped by INR 950/t to INR 43,750/t DAP.

Steel market trends

In Mandi Gobindgarh, semi-finished steel (ingot) prices surged by INR 900/t d-o-d to INR 46,900/t DAP, reflecting moderate demand. Prices rose due to raw material price hikes and were boosted by primary mills’ price increases. In other major production centres, ingot prices increased by INR 400-1,000/t d-o-d.

Rebar (Fe500) prices in Mandi Gobindgarh increased by INR 1,100/t to INR 53,000/t exw today. Meanwhile, HR strip (patra) prices moved up by INR 900/t to INR 50,400/t exw today.

Overview of Alang market

Gujarat’s Alang ship-breaking melting scrap prices jumped INR 1,000/t d-o-d on 6 April, with HMS (80:20) at INR 38,300/t exy. Stronger market sentiment followed a INR 2,000-3,000/t w-o-w rise in regional steel prices, spurring active buying inquiries and higher supplier offers.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,800-6,200/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $380/t-385/t, approximately INR 38,077/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 500/t d-o-d to INR 36,200/t DAP. Indicative prices of shredded from Europe stood at $400/t-$405/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 15,700/t.