- Need-based demand pushes sellers to reduce offers
- Semis, finished steel prices decline by INR 100-400/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 300/tonne (t) d-o-d to INR 38,700/t DAP on 11 February 2026.
Trading in Mandi Gobindgarh remained quiet today, with no significant demand emerging. Buyers continued to exercise caution amid uncertain market dynamics, waiting for further price corrections in the near term. Sellers, meanwhile, are feeling the pressure from sluggish conditions, leading to a broad drop in scrap-to-finished steel prices of INR 100-400/t d-o-d.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 100/t d-o-d to INR 32,400/t DAP, while steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 40,200/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel prices decreased by INR 400/t d-o-d to INR 45,000/t DAP during the reporting and normalisation period. Across major steel hubs, prices fell INR 100-700/t d-o-d. Mumbai ingot prices fell significantly by INR 700/t in today’s session.
In the rebar (Fe500) segment, Mandi Gobindgarh prices inched down by INR 100/t d-o-d to INR 49,900/t ex-works.
HR strip (patra) prices fell by INR 500/t d-o-d to INR 46,500/t ex-works on sales pressure.
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 14,000/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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