- Sponge iron prices drop by INR 100/t today
- Finished steel prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 37,500/t DAP on 9 July 2026.
Mandi Gobindgarh’s secondary steel market witnessed moderate buying activity today with scrap and finished-steel prices remaining largely unchanged; mills reported steady scrap procurement supporting production as large units continue operating at about 90% capacity, while sponge iron arrivals from Ramgarh and Durgapur sustained feedstock supplies. End-user demand for finished steel stayed subdued, though local mill owners expressed cautious optimism for a near-term pickup, and near-term price action is likely to remain rangebound unless there is a notable change in buying interest or disruption to scrap or sponge iron flows.
Alternative raw material prices
Sponge iron (CDRI) in Mandi Gobindgarh inched down by INR 100/t d-o-d to INR 29,100/t DAP while steel‑grade pig iron in Ludhiana dipped by INR 200/t to INR 40,800/t DAP.
Steel market
Semi-finished ingot prices in Mandi Gobindgarh eased by INR 100/t d-o-d to INR 42,200/t (DAP). Across major production hubs, ingot rates slipped by INR 100-500/t during today’s trading session.
Rebar (Fe500) in Mandi remained steady d-o-d at INR 46,800/t (ex-works). Hot‑rolled strip (patra) held steady at INR 45,600/t (ex-works) as patra and TMT demand remained moderate in today’s trading session.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,500-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $330/t, approximately INR 33,800/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 31,300/t DAP. Indicative prices of shredded from Europe stood at $380/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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