- Sponge iron prices rise by INR 100/t d-o-d
- Semis, finihsed steel prices jump INR 100-350/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 400/t d-o-d to INR 38,200/t DAP on 24 June 2026. The rise was supported by improved buying activity across the semi-finished and finished steel segments, prompting scrap suppliers to raise offers by INR 200-400/t. The upward movement reflects strengthening sentiment in the secondary steel market, although participants remain cautious amid inconsistent end-user demand.
A local mill owner informed BigMint: “Bookings for HR strip (patra) improved noticeably from yesterday evening, with the momentum continuing through today’s trading session. The improvement in strip demand helped support sentiment across the value chain and translated into firmer scrap buying activity.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 100/t d-o-d to INR 29,800/t DAP, indicating marginally improved demand from local mills. Meanwhile, steel-grade pig iron prices in Ludhiana remained unchanged at INR 41,600/t DAP, reflecting balanced supply and demand conditions.
Steel market trends
In Mandi, steel ingot prices rose by INR 350/t to INR 43,000/t DAP during the price reporting and normalisation phase. Other major markets recorded increases of INR 100-350/t today.
In the rebar (Fe500) segment, Mandi prices improved by INR 100/t d-o-d to INR 47,500/t ex‑works, reflecting moderate demand. Meanwhile, HR strip (patra) in the region climbed by INR 100/t to INR 46,400/t ex‑works supported by better booking activity and steady mill dispatches.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,700-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $342/t, approximately INR 34,570/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable for the third consecutive day and were assessed at INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $385/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 14,700/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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