- Sponge iron prices down INR 200/t d-o-d
- Semis, finished steel prices dip by INR 200-400/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 300/tonne (t) d-o-d to INR 38,100/t DAP on 18 May 2026. Scrap prices in the region fell by INR 100 to INR 300/t d-o-d.
Today, the Mandi Gobindgarh steel market remained sluggish, especially in the semi-finished steel segment, as buyers remained cautious, anticipating further price corrections in the final session; this prompted scrap sellers to reduce their offers given stagnant steel prices in the previous week.
Imported scrap buying remained absent in Mandi, while Chennai saw active bookings with confirmed bookings including Malaysia’s 500 t of HMS 80:20 and Sri Lanka’s 200 t of HMS 80:20, both reported at $350/tonne CFR Chennai.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 200/t d-o-d to INR 31,300/t DAP. Similarly, steel-grade pig iron prices in Ludhiana inched up by INR 200/t to INR 42,000/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel (ingot) prices moved down by INR 400/t to INR 43,500/t DAP, reflecting soft steel demand. In other major production centres, ingot prices declined by INR 250-500/t d-o-d.
In Mandi Gobindgarh, rebar (Fe500) prices declined by INR 200/t to INR 48,500/t exw today, reflecting subdued trading volumes. HR strip (patra) prices fell by INR 400/t d-o-d to INR 44,500/t exw amid ongoing regional weakness.
A mill owner informed BigMint: “Major mills in Mandi are facing inventory pressure, which has triggered a liquidity crunch in the market. Delayed payments from finished steel buyers have increased financial strain on mills, while raw-material procurement is being conducted on a limited, cautious basis.” These factors are constraining buying activity and weighing on overall market liquidity.
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 5,200-5,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $370/t, approximately INR 37,900/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai moved up by INR 100/t to INR 34,700/t DAP. Indicative prices of shredded from Europe stood at $390/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 14,400/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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