- Scrap prices decline as buyers anticipate further corrections
- Semis,finihsed steel prices dips INR 300-450/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 500/t d-o-d to INR 37,800/tonne (t) DAP on 8 June 2026.Market activity remained subdued as buyers adopted a cautious approach, expecting further price corrections across the steel value chain. Trade volumes were limited throughout the day, reflecting weak buying sentiment.
A local mill owner informed BigMint, “Scrap arrivals have slowed due to ongoing logistics bottlenecks, while finished steel dispatches are also being hampered by lifting issues, further constraining activity in the region.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 300/t d-o-d to INR 30,500/t DAP. In contrast, steel-grade pig iron prices in Ludhiana dropped by INR 200/t d-o-d to INR 41,600/t DAP amid subdued buying interest.
Steel market
In the Mandi region, steel ingot prices moved down by INR 450/t to INR 42,900/t DAP during the price reporting and normalisation phase. However, prices in other key markets decreased by INR 100-700/t today.
Similarly, in the rebar (Fe500) segment, Mandi prices fell by INR 300/t d-o-d to INR 48,100/t exw, amid limited demand. HR strip (patra) prices dipped by INR 200/t to INR 47,000/t exw in the region.
Overview of Alang market
As of 8 Jun 2026, Alang’s ship‑breaking melting scrap was steady at INR 35,600/t ex‑yard. Firmness extended across semi‑finished and finished steel ranges, driven by average scrap trades, balanced market demand and supply, and broadly stable steel prices.
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 4,900-5,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $350-$352/t, approximately INR 35,800/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai eased by INR 150/t to INR 33,600/t DAP. Indicative prices of shredded from Europe stood at $405/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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