- Rising costs of other raw materials lend upward momentum
- Bulk deals remain limited amid slower project-driven demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/tonne (t) d-o-d to INR 37,600/t DAP on 5 March 2026. Domestic scrap prices increased, supported by rising semi-finished steel prices and improved buying interest from regional mills. The recent increase in overall steelmaking raw material costs provided a positive push to scrap prices, with mills securing material to maintain operational requirements. However, trading activity remained selective as some buyers turned cautious after the recent price rally.
Market participants noted that while the overall sentiment in the steel value chain appears supportive for the near term, large-volume transactions are still limited due to slower project-driven demand. Mills are closely monitoring finished steel price trends and broader demand indicators before increasing procurement aggressively. Overall, the market sentiment remains stable to firm, with participants expecting prices to move in line with finished steel demand and raw material availability.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 100/t d-o-d to INR 32,700/t DAP, while steel-grade pig iron prices in Ludhiana increased by INR 250/t to INR 40,050/t DAP.
Steel market trends
Semi-finished steel prices in Mandi Gobindgarh increased by INR 600/t d-o-d to INR 44,200/t DAP during the reporting and normalisation period. Across major steel hubs, prices increased by INR 300-850/t, reflecting a positive market trend. Notably, Raipur market witnessed a sharp rise of INR 850/t, driven by active trade and firm demand.
Similarly, in the rebar (Fe500) segment, Mandi prices increased by INR 300/t d-o-d to INR 48,800/t exw, supported by moderate demand.
Overview of Alang market
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 5 March 2026. According to BigMint’s assessment, HMS (80:20) prices were at INR 33,800/t ($369/t) ex-yard. Market activity remained limited as the steel market in the region was closed in the previous trading session due to Holi celebrations. With moderate scrap trade observed today, suppliers largely maintained stable offers.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,300-6,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $350/t, approximately INR 34,300/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 33,800/t DAP. Indicative prices of shredded from Europe stood at $372/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 14,550/t.
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
Leave a Reply