- Sponge iron prices decrease by INR 200/t d-o-d
- Semis, finished steel prices dip by INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, eased by INR 200/tonne (t) d-o-d to INR 37,600/t DAP on 6 January 2026.
Trading activity in Mandi remained sluggish as buyers stayed cautious, anticipating further price correction in the coming days. Scrap procurement by mills continued on a need-only basis; however, with improved scrap arrivals in the local market, mills reduced their purchase offers by around INR 200–400/t from yesterday’s levels.
Alternate raw material
Sponge iron prices in Mandi decreased by INR 200/t to INR 29,600/t DAP, while steel grade pig iron prices in Ludhiana declined by INR 350/t d-o-d to INR 38,800/t DAP.
Steel market
The steel market in Mandi Gobindgarh remained sluggish today. Semi-finished steel slipped by INR 200/t to INR 42,800/t DAP, while ingot prices across major hubs corrected by INR 100-700/t.
Rebar (Fe 500) prices also softened by INR 300/t to INR 47,500/t ex-works as buying interest stayed muted.
Overview of Alang market
Alang ship-breaking scrap prices softened by INR 300/t d-o-d on 6 January. BigMint assessed HMS (80:20) at INR 32,700/t ex-yard. The decline followed a INR 700/t drop in semi-finished steel prices and muted market participation, prompting suppliers to trim their offers.
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 5,000-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $325-326/t, approximately INR 31,635/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 31,700/t DAP. Indicative prices of shredded from Europe stood at $355/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 16,300/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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