- Scrap demand remains strong, finished steel moderately steady
- Sentiment stays optimistic due to positive cues from other states
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 300/tonne (t) d-o-d to INR 38,700/t DAP on 22 January 2026.
Mandi Gobindgarh, India’s major secondary steel hub, witnessed gains across the raw material to semi-finished steel segments due to buoyant sentiment spilling over from other states. Scrap bookings stayed robust amid sustained buyer interest, while finished steel demand held moderately steady across both trading sessions.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 30,500/t DAP, while steel-grade pig iron prices in Ludhiana were unchanged d-o-d at INR 39,800/t DAP.
Steel market trend
In Mandi Gobindgarh, semi-finished steel prices increased by INR 300/t d-o-d to INR 44,300/t DAP during the reporting and normalisation period. Across major steel hubs, prices gained INR 200-250/t d-o-d.
In the rebar (Fe500) segment, Mandi Gobindgarh prices remained stable d-o-d at INR 48,800/t ex-works, backed by moderate demand.
Overview of Mumbai market
Rebar (Fe 500) prices on the Mumbai IF route declined by INR 100/t d-o-d to INR 49,800/t ex-works. The market witnessed a slight improvement in sentiment during the second half of the day, prompting a price revision. However, buying interest remained modest, with only marginal improvement as buyers continued to resist purchases at higher prices, keeping pressure on sellers. Dispatches of previously booked material were smooth.
On the raw material side, HMS (80:20) was assessed at INR 32,300/t DAP, with the scrap-billet conversion spread hovering around INR 11,200/t.
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 32,800/t (inclusive of freight). HMS (80:20) 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.
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co
Leave a Reply