- Raw materials prices remain stable d-o-d
- Semis, finished steel prices dip INR 200/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 300/tonne (t) d-o-d to INR 38,400/t DAP on 12 Feb 2026. Scrap prices in the region have fallen by INR 500-600 per tonne over the past few days, as mills limit procurement due to cautious market sentiments.
Demand for patra and TMT has weakened over the last two trading sessions in Mandi, as buyers anticipate further price correction in finished steel in the near term, a mill owner informed BigMint.
South American origin HMS1 was quoted at $356-$360/t, and HMS 2 at $345-$350/t CFR west coast, India.
Raw material
Sponge iron (CDRI) prices remained stable d-o-d at INR 32,400/t DAP, while steel-grade pig iron held steady at INR 40,200/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 200/t d-o-d, settling at INR 44,800/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-500/t today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh moved down by INR 200/t d-o-d to 49,700/t ex-works. Meanwhile, HR strip (patra) prices softened by INR 200/t to INR 46,300/t ex-works.
Key scrap tenders in south India
In the southern region, two key Indian industry players—Steel Authority of India Ltd (SAIL) and the Ministry of Defence (via MIDHANI)-have floated procurement tender for around 10,000 t of steel scrap, slated for the coming weeks.
Mishra Dhatu Nigam Ltd (MIDHANI) has issued a purchase tender for approximately 2,500 t of CRCA bundle scrap.
SAIL’s Salem Steel Plant has also launched a tender for about 7,500 t of steel scrap.
For more details:https://tinyurl.com/BigTendersFeb202612
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 6,300-6,600/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,141/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $368-$370/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 14,050/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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