- Mills remain cautious amid adequate scrap inventories
- Semis, finished steel prices rise INR 600-1,400/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 1,000/tonne (t) d-o-d to INR 42,600/t DAP on 28 September 2026. The rise was supported by lower market arrivals as suppliers held back material.
A mill owner told BigMint that mills were maintaining adequate inventory levels and continued to prefer need-based procurement, remaining cautious amid the prevailing market conditions.
Alternative raw materials
Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 300/t d-o-d to INR 34,400/t DAP. Steel-grade pig iron prices in Ludhiana rose by INR 400/t to INR 44,200/t DAP, indicating firmer values across alternative metallic inputs.
Steel market
In Mandi Gobindgarh, ingot prices increased by INR 1,000/t d-o-d to INR 48,000/t DAP. Rebar prices rose by INR 600/t to INR 52,700/t ex-works, while HR strip (patra) prices increased by INR 1,400/t to INR 53,000/t ex-works, Prices in other major steel-producing centres also rose sharply by INR 1,000–1,500/t. Market participants reported good demand for patra, providing additional support to the finished-steel market.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,400-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $366-368/t, approximately INR 37,500/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 300/t d-o-d at INR 36,600/t DAP. Indicative prices of shredded from Europe stood at $408-410/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 15,900/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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