- Sponge iron prices decrease by INR 300/t today
- Semis, finished steel prices dull by INR 300-400/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 400/tonne (t) d-o-d to INR 38,100/t DAP on 10 Aug 2026.
Mandi Gobindgarh’s scrap market declined by INR 300-400/t today amid subdued demand and continuous weakness in semi-finished and finished steel prices. Ongoing GST checks, logistical disruptions and slower scrap arrivals from neighbouring states continued to pressure local mills. With margins under strain, several units reduced production, while nearly 15% reportedly remained closed. Consequently, mills lowered scrap purchases and suppliers reduced offers to generate sales, keeping overall market sentiment weak and bearish.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 300/t day on day to INR 29,300/t DAP, reflecting subdued demand and cautious mill procurement. Meanwhile, steel-grade pig iron prices in Ludhiana remained stable at INR 42,500/t DAP, indicating relatively balanced market conditions in the segment.
Steel market trends
Steel market
Semi-finished steel prices in Mandi Gobindgarh decreased by INR 350/t d-o-d to INR 42,000/t DAP. Prices across other major steel-producing centres also declined by approximately INR 100-400/t, highlighting broad-based weakness in the secondary steel market.
In the finished-steel segment, Fe500 rebar prices in Mandi Gobindgarh fell by INR 400/t d-o-d to INR 46,700/t ex-works, reflecting subdued buying interest and cautious trading activity. HR strip, or patra, prices also declined by INR 300/t to INR 46,900/t ex-works, extending the ongoing downtrend. Overall, weak downstream demand, limited mill procurement and pressure on selling prices continued to weigh on market sentiment
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,100/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $330-$332/t, approximately INR 33,850/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable at INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $387/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 13,200/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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