- Sponge iron prices fall INR 300/t d-o-d
- Patra prices decline INR 600/t on slow demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/t d-o-d to INR 43,300/t DAP on 5 October 2026. Scrap prices in the region eased by INR 100/t today.
Scrap arrivals remain healthy, while mill buying is slow-to-moderate. Major mills are currently operating at full production levels, supporting steady scrap consumption. However, buying activity in the finished steel segment remains slow. Rebar prices declined by INR 100/t, while patra prices fell by INR 600/t d-o-d, with limited overall movement.
Following the price-hike announcement by primary steel producers, secondary steel mills are anticipating an upward movement in prices in the near term. However, mandi activity remained subdued today, with limited transactions in the finished steel segment. Persistent liquidity constraints and delayed payments continued to weigh on overall market sentiment and restricted buying interest.
Raw material
Sponge iron prices fell by INR 300/t day-on-day to INR 35,500/t DAP, reflecting a slow buying trend today. In contrast, steel-grade pig iron prices in Ludhiana held steady at INR 44,500/t DAP, remaining unchanged over the past week.
Steel market
Steel ingot prices in Mandi Gobindgarh declined by INR 150/t day-on-day to INR 48,600/t DAP, reflecting cautious market sentiment. Other markets also recorded declines of around INR 100-400/t. Ahmedabad and Mumbai witnessed the steepest fall, with ingot prices dropping by approximately INR 400/t in a single day. Rebar prices in Mandi dipped by INR 100/t day-on-day to INR 53,600/t ex-works, while HR strip (patra) prices fell by INR 600/t day-on-day to INR 53,200/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 5,200-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $371-$372/t, approximately INR 38,130/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 37,000/t DAP. Indicative prices of shredded from Europe stood at $414-$415/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 16,200/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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