- Sponge iron prices dip by INR 200/t d-o-d
- Semis, finished steel prices witness minor fluctuation
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 200/tonne (t) d-o-d to INR 37,000/t DAP on 12 January 2026.
Today in the Mandi steel market, scrap prices softened by INR 100-200/t as buying activity remained average. Trade sentiment across semi-finished and finished steel segments stayed moderate, with limited fresh enquiries heard ahead of the upcoming Lohri festival, reflecting subdued demand conditions in one of India’s key secondary steel hubs.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh decreased by INR 200/t d-o-d at INR 29,300/t DAP, while steel-grade pig iron prices in Ludhiana rose by INR 400/t d-o-d to INR 39,000/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 50/t d-o-d, settling at INR 42,600/t DAP. Other major production hubs also witnessed price drops in the range of INR 50-300/t during today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh remained stable d-o-d at INR 47,200/t ex-works despite ongoing input cost pressures. Meanwhile, HR strip (patra) prices softened by INR 300/t to INR 43,200/t ex-works.
Overview of Jalna market
In western India’s Jalna market, billet and HMS (80:20) scrap prices remained stable, assessed at INR 42,100/t and INR 30,400/t, respectively. Rebar prices, however, declined marginally by INR 200/t to INR 48,800/t on softer finished steel trade activity. Market participants anticipate a range-bound price trend in the coming days, as scrap availability at prevailing offers remains sufficient to support ongoing mill operations without supply-side stress.
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 5,100-5,600/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $325-$326/t, approximately INR 31,700/t (inclusive of freight). HMS (80:20) in Mumbai fell by INR 100/t to INR 31,600/t DAP. Indicative prices of shredded from Europe stood at $351-$353/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 15,800/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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