- Sponge iron prices increase by INR 100/t d-o-d
- Finished steel prices gains INR 100/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 38,500/tonne (t) DAP on 17 August 2026. Scrap prices have held steady over the past two trading sessions, even as a shortage continues to persist in the main market amid moderate steel demand.
Mandi Gobindgarh, a key secondary steel hub, witnessed moderate steel demand today as scrap prices remained stable while finished steel prices increased by INR 100/t day-on-day. Scrap arrivals improved slightly, but a shortage persisted in the main market, keeping buyers active across segments. Long products firmed on steady scrap costs and selective restocking, while construction-linked demand remained cautious amid monsoon-related softness. Secondary mills maintained steady procurement, balancing better arrivals against grade-specific tightness. Near-term prices are seen as stable to slightly firm, supported by local supply tightness and modest demand recovery.
Alternative raw material prices
In Mandi Gobindgarh, the sponge iron (CDRI) market firmed today, with prices rising INR 100/t to INR 29,900/t DAP, supported by moderate procurement from local steelmakers grappling with a domestic scrap shortage. By contrast, steel-grade pig iron in Ludhiana held steady at INR 42,500/t DAP, reflecting a stable trend amid cautious buying and balanced supply.
Steel market
Semi-finished steel prices firmed across major production centres, supported by improved buying interest and stronger mill offers. In Mandi Gobindgarh, ingot prices held steady day-on-day at INR 42,500/t DAP, while other key hubs posted gains of INR 100-400/t, reflecting decent demand and tighter near-term availability.
In the long-products segment, Mandi’s rebar (Fe500) prices advanced INR 100/t to INR 47,400/t ex-works, supported by decent end-user inquiry. HR strip (patra) prices remained steady d-o-d at INR 47,300/t ex-works.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $328/t, approximately INR 33,660/t (inclusive of freight). HMS (80:20) in Mumbai remained flat d-o-d at INR 33,050/t DAP. Indicative prices of shredded from Europe stood at $386/t-$388/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 12,700/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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