- Buyers defer purchases amid rising scrap arrivals
- Steel demand remains moderate across Mandi
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 41,600/tonne (t) DAP on 8 September 2026.
Mandi’s secondary steel market remained subdued today, with scrap prices moving in a narrow band as mills kept purchases minimal. Semi-finished and finished-steel demand stayed moderate, with only minor price fluctuations observed in the region. Most scrap buyers remained on the sidelines today, expecting prices to ease in the near term amid rising scrap arrivals. A wide bid-offer gap persisted in the local market, while brief power cuts added further pressure. These factors prompted some sellers to liquidate material quickly at acceptable margins rather than hold inventory.
Scrap prices may remain under pressure through the coming trading sessions if arrivals continue to rise and mills maintain limited procurement. However, firmer ingot and rebar prices could provide some support to scrap values if buying interest improves.
Alternative raw material prices
In Mandi Gobindgarh, sponge iron (CDRI) prices rose by INR 100/t to INR 33,400/t DAP. By contrast, steel-grade pig iron in Ludhiana slipped by INR 200/t d-o-d to INR 42,500/t DAP, reflecting a softer 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 inched up by INR 100/t d-o-d to INR 46,500/t DAP, while other key hubs posted gains of INR 100-700/t, reflecting moderate demand.
In the long-products segment, Mandi’s rebar (Fe500) prices advanced INR 200/t to INR 51,600/t ex-works. HR strip (patra) prices remained steady d-o-d at INR 51,000/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 4,600-4,900/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $368/t, approximately INR 37,100/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 35,250/t DAP. Indicative prices of shredded from Europe stood at $412/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 14,050/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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