- Sponge iron prices dips INR 300/t d-o-d
- Mills limit purchases amid uncertain steel price direction
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, eased by INR 400/t d-o-d to INR 42,700/t DAP on 30 September 2026.
Mandi Gobindgarh, a key secondary steel hub, witnessed a softer trend today as major buyers remained largely absent amid cautious market sentiment. Scrap demand also remained subdued, with mills limiting procurement to need-based quantities. Following the recent sharp rise in steel prices, market participants have once again adopted a wait-and-watch approach, as the price direction remains uncertain. Local mill owners indicated that buyers are reluctant to build inventories until clearer demand signals emerge.
Raw material
Sponge iron prices slid by INR 300/t d-o-d to INR 35,100/t DAP amid a slow buying trend observed today, while steel-grade pig iron prices in Ludhiana remained steady at INR 44,500/t DAP.
Steel market
Steel ingot prices in Mandi Gobindgarh declined by INR 200/t d-o-d to INR 48,200/t DAP, reflecting a cautious market sentiment following the sharp price increase witnessed over the past two days. Other markets also recorded declines of around INR 100–800/t in ingot prices. Ahmedabad registered the steepest fall, with prices dropping by approximately INR 700/t in a single day.
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 $368-&370/t, approximately INR 38,000/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,700/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 16,050/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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