India: BigMint’s ferrous scrap index up INR 300/t d-o-d as steel prices strengthen

• Sponge iron prices rise INR 700/t in Mandi
• Semis, finished steel prices rise INR 200-300/t d-o-d

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, advanced by INR 400/tonne (t) d-o-d to INR 42,000/t DAP on 10 September 2026. Regional scrap prices rose by INR 300-400/t d-o-d, underpinned by firmer semi-finished steel prices and improved mill-side buying interest.

Mandi Gobindgarh, a key secondary steel hub, showed clear signs of demand recovery today, with both raw and finished steel segments seeing improved buying interest and firmer prices after a prolonged pause; scrap procurement picked up noticeably, while semi-finished and finished steel prices advanced by around INR 300/t d-o-d, indicating a near-term turnaround in sentiment and order flow from downstream buyers.

Alternative raw material prices

Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 700/t d-o-d to 34,100/t DAP, while steel-grade pig iron prices in Ludhiana inched up by INR 50/t d-o-d to INR 42,450/t DAP. The sharp rise in sponge iron prices provided additional support to scrap values as mills increased procurement amid firmer steel prices.

Steel market

In the steel segment, Mandi Gobindgarh ingot prices climbed INR 300/t d-o-d to INR 46,800/t DAP, supported by moderate demand in today’s trading session. Other key hubs also saw ingot values firm by INR 300-1,000/t, reflecting a broader upward trend. In finished steel, rebar ex‑works prices advanced INR 200/t to INR 51,800/t, underpinned by steady buying from local traders and end users. Similarly HR strip(patra) prices also rose by INR 300/t d-o-d to INR 51,300/t ex-works.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,500-4,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $369-$370/t, approximately INR 37,562/t (inclusive of freight). HMS (80:20) in Mumbai moved up by INR 150/t d-o-d to INR 35,500/t DAP. Indicative prices of shredded from Europe stood at $416-$417/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 14,250/t.

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

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