- Sponge iron prices increase by INR 200/t d-o-d
- Semis, finished steel prices gain despite subdued buying
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 500/tonne (t) d-o-d to INR 43,100/t DAP on 29 September 2026.In Mandi, scrap-to-finished-steel prices maintained a positive trend during the first half of today’s trading session. However, buying interest remained subdued compared with yesterday, while scrap procurement activity was also limited, indicating cautious market participation despite firm price levels.
Alternative raw materials
Sponge iron (CDRI) prices in Mandi Gobindgarh edged up by INR 200/t day-on-day to INR 35,400/t DAP, despite limited demand. Steel-grade pig iron prices in Ludhiana also increased by INR 300/t to INR 44,500/t DAP, reflecting continued support for alternative metallic inputs.
Steel market
In Mandi Gobindgarh, ingot prices rose by INR 500/t day-on-day to INR 48,500/t DAP. Prices have increased by INR 1,500/t over the past two days, indicating a firm underlying market trend supported by positive price sentiment, although buying activity remained limited today.
Rebar prices gained INR 300/t day-on-day to INR 53,500/t ex-works, while HR strip (patra) prices advanced by INR 500/t to INR 53,500/t ex-works. The rise in finished-steel prices, despite cautious demand, suggests that producers continue to hold firm offers amid support from higher input costs and recent gains in semi-finished steel prices.
Upcoming scrap auctions
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,200-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $365/t, approximately INR 37,300/t (inclusive of freight). HMS (80:20) prices in Mumbai advanced by INR 100/t d-o-d to INR 36,700/t DAP. Indicative prices of shredded from Europe stood at $410/t CFR Nhava Sheva. A leading Mumbai steelmaker booked around 1,500 t of HMS (90:10) scrap at INR 37,250/t DAP.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 15,950/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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