- Mills maintain steady scrap procurement
- Semis, finished steel prices strengthen
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, improved by INR 100/tonne (t) d-o-d to INR 42,400/t DAP on 31 August 2026, supported by rising demand as mills continued to procure scrap in decent volumes amid moderate semi-finished steel demand.
A mill owner informed BigMint: “Steady demand for finished steel provided a stable floor, enabling mills to comfortably absorb rising raw material costs while keeping customer prices predictable.”
Alternative raw material prices
Equilibrium prevailed in the Mandi raw materials market today as CDRI sponge iron held firm at INR 33,500/t DAP, while steel grade pig iron prices in Ludhiana were assessed unchanged at INR 42,000/t DAP.
Steel market
In the steel segment, Mandi Gobindgarh ingot prices increased by INR 150/t d-o-d to INR 46,450/t DAP. Other key hubs also saw ingot values increasing by INR 50-150/t. In finished steel, rebar ex-works prices decreased by INR 100/t to INR 51,500/t. The continued rise in semi-finished and finished steel prices kept overall market sentiment firm and encouraged mills to remain active in scrap procurement.
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 $362/t, approximately INR 36,730/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d to INR 35,500/t DAP. Indicative prices of shredded from Europe stood at $414/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 12,950/t.
To see BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here
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