- Sponge iron prices dip by INR 200/t
- Semis, finished steel prices fall by INR 200-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 300/tonne (t) d-o-d to INR 37,800/t DAP on 18 March 2026. Scrap prices in the region declined by INR 300-400/t d-o-d.
Scrap arrivals in Mandi Gobindgarh remained slow, however, the absence of any acute shortage in the market led sellers to lower their offers amid weak buying interest. As a result, semi-finished and finished steel prices declined by INR 250-300/t in today’s trading session.
Market activity has continued to operate at a slow pace over the past few days, with overall sentiment ranging from moderate to below-moderate, reflecting cautious procurement by buyers and limited trading momentum.
A mill source shared with BigMint, “While a few mills in Mandi Gobindgarh rely on LNG-based operations with pipeline support, the majority are coal-based, and integrated units primarily operate on electricity, limiting their dependence on gas. Although any further escalation in gas shortages may impact rolling units and lead to production cuts, there has been no significant disruption observed so far.”
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 200/t d-o-d to INR 32,500/t DAP, similarly steel-grade pig iron prices in Ludhiana declined by INR 100/t to INR 39,700/t DAP.
Steel market trends
In Mandi Gobindgarh, semi finished steel (ingot) prices slipped by INR 300/t d-o-d to INR 44,000/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices similarly declined by INR 200-450/t d-o-d.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 200/t to INR 49,600/t exw, with minimal trade activity today.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,000-6,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $360-$362/t, approximately INR 35,800/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,700/t DAP. Indicative prices of shredded from Europe stood at $384-$386/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 15,300/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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