- Sponge iron prices remain unchanged d-o-d
- Finished steel prices fall by INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/t d-o-d to INR 37,900/tonne (t) DAP on 4 June 2026. The Mandi market softened across all segments today as scrap prices eased by INR 200-300/t. Weak buying interest from mills, coupled with a decline in finished steel prices, prompted sellers to reduce their offers, weighing on overall market tone.
A mill owner informed BigMint, “The Mandi market is likely to remain under pressure in the near term unless secondary mill demand strengthens and finished steel prices stabilise. Competitive pricing of finished steel offers from neighbouring regions will be pivotal, as Mandi producers continue to face downward pressure while buyers await more attractive pricing.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged for the second consecutive day at INR 30,600/t DAP. In contrast, steel-grade pig iron prices in Ludhiana dropped by INR 400/t d-o-d to INR 42,200/t DAP amid subdued buying interest.
Steel market
In the Mandi region, steel ingot prices declined by INR 200/t to INR 43,000/t during the price reporting and normalisation phase. However, prices in other key markets decreased by INR 100-350/t.
Similarly, in the rebar (Fe500) segment, Mandi prices fell by INR 200/t d-o-d to INR 47,800/t exw, amid limited demand. HR strip (patra) prices dipped by INR 200/t to INR 46,500/t exw in the region.
Overview of Alang market
On 4 June 2026, Alang’s ship-breaking melting scrap prices rose INR 100/t d-o-d to INR 35,300/t ex-yard. The move followed a modest increase in semi-finished steel prices; finished product prices held steady, and overall trade was moderate, though some transactions occurred at elevated levels.
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 $358/t, approximately INR 36,550/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai eased by INR 300/t to INR 33,800/t DAP. Indicative prices of shredded from Europe stood at $402/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 14,350/t.
To see BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
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