India: BigMint’s scrap index edges up marginally as demand stays weak

• Sponge iron prices remains stable for two straight days
• Finished steel prices continue to slide due to weak demand

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/t d-o-d to INR 37,500/tonne (t) DAP on 8 July 2026.Scrap prices rose marginally today on need‑based buying.

A mill owner informed BigMint:”Despite hopes for a near-term rebound in demand and prices, Mandi’s steel trade is subdued: transaction volumes are low and no significant bulk deals have emerged. Pressure stems from the availability of competitively priced semi-finished and finished material from neighbouring areas, which limits local buying interest and forces mills to contend with downward pricing pressure as purchasers resist premium bids.”

Alternative raw material prices

Sponge iron (CDRI) in Mandi Gobindgarh held steady d-o-d at INR 29,200/t DAP prices remains firm two consecutive days; moderate buying observed, while steel‑grade pig iron in Ludhiana remained unchanged at INR 41,400/t DAP.

Steel market

The Mandi steel market recorded a modest price increase today, with semi-finished steel prices rising marginally by INR 200/t day-on-day to reach INR 42,300/t DAP, while other major production centres reported minor upticks ranging between INR 50-200/t. In Mandi Gobindgarh, rebar (Fe500) prices moved down by INR 200/t to INR 46,800/t ex-works, reflecting soften demand in the key secondary steel hub, whereas HR strip (patra) prices slightly up by INR 100/t to INR 45,600/t exw, indicating stable demand in the flat products segment.

Price highlights

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,400-4,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $332/t, approximately INR 34,000/t (inclusive of freight). HMS (80:20) in Mumbai fell by INR 100/t d-o-d to INR 31,300/t DAP. Indicative prices of shredded from Europe stood at $382/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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