- Sponge iron prices remains stable d-o-d
- Semis, finished steel prices decrease by INR 50-100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 37,500/t DAP on 26 March 2026. Mandi saw slow activity as scrap prices dipped INR 100-200/t for the fourth straight day. Weak steel demand and liquidity challenges further squeezed sentiment.
A mill owner informed, “The ongoing FY (March) close was a major market influence, as most Mandi traders/mills avoided new commitments to protect balance sheets and inventories, leading to thinner trade volumes and softer pricing.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,400/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 50/t to INR 39,650/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel (ingot) prices inched down by INR 50/t to INR 43,700/t DAP, reflecting the soft steel market demand. In other major production centers, ingot prices declined by INR 50-300/t d-o-d.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 100/t to INR 49,300/t exw, with minimal trade activity today.
Overview of Alang market
Ship-breaking melting scrap in Alang, Gujarat stayed flat d-o-d for the 5th day (26 March), with BigMint pegging HMS (80:20) at INR 35,000/t ex-yard. Gas shortages curbed ship breaker ops, so suppliers resisted cuts despite minor corrections in Ahmedabad/Bhavnagar semis and finished steel amid low activity.
Tender alert
SAIL’s Salem Steel Plant has floated a purchase tender for around 7,500 tonnes of mild steel scrap-accepted in any form or mix including plates, bars, rods, structural steel, sheets, strips, tubes, billets, railway steel, flats, angles, struts, channels, and rings-with bids due by 30 March.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,900-6,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $366/t, approximately INR 36,742/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 200/t d-o-d to INR 34,500/t DAP. Indicative prices of shredded from Europe stood at $387/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 15,000/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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