- Sponge iron prices dips by INR 300/t d-o-d
- Scrap & semi-finished steel prices soften by INR 100-250/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 38,200/t DAP on 28 May 2026. Scrap prices in the region fell by INR 100-200/t d-o-d.
Today, the key price-indicator market of the secondary steel hub, Mandi Gobindgarh recorded a decline in scrap and semi-finished steel prices, falling by INR 100-250/t d-o-d primarily due to inactive buying conditions. Market activity remained thin across both trading sessions, with no significant trades reported.
A mill owner informed BigMint: “Local secondary steel producers are hoping for stability in the near term, as ingot and billet prices continue to trade in the INR 43,000-43,600/t band.”
Alternative raw materials
In Mandi, sponge iron (CDRI) prices fell by INR 300/t to INR 30,600/t DAP today, while steel‑grade pig iron in Ludhiana dropped INR 600/t to INR 42,900/t DAP. The downward movement reflected limited offtake and subdued buying interest across primary raw material channels.
Steel market
Ingot prices in the Mandi region eased by INR 250/t to INR 43,250/t during the latest reporting and normalisation cycle. Other regional markets recorded corrections in the semi‑finished segment, with declines ranging between INR 100-350/t as trading activity remained muted.
Rebar (Fe500) in Mandi held steady day‑on‑day at INR 48,400/t ex‑works, supported by routine construction-related demand. Conversely, HR strip (patra) in Mandi softened by INR 400/t to INR 46,400/t ex‑works amid thinner spot enquiries and subdued mill bids.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,900-5,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $373/t, approximately INR 38,150/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai fell by INR 100/t to INR 34,800/t DAP. Indicative prices of shredded from Europe stood at $395/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 14,100/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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