- Sponge iron prices remained stable d-o-d
- Semis, finished steel prices dips INR 300-400/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 400/tonne (t) d-o-d to INR 38,000/t DAP on 16 Feb 2026. Scrap prices in the region have fallen by INR 300-400 per tonne d-o-d, as mills limit procurement due to cautious market sentiments and rising inventory levels.
A mill owner informed “Continuously rising production by the key Mandi mills, combined with ample finished goods inventory, is pressuring offers for semi-finished and finished steel lower in the current market. Demand from project-based operations has also remained subdued, as mills await stronger near-term buying interest to drive prices higher.”
Raw material
Sponge iron (CDRI) prices remained stable d-o-d at INR 32,200/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 400/t d-o-d, settling at INR 44,500/t DAP. Other major production hubs also witnessed price drops in the range of INR 200-500/t today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh moved down by INR 300/t d-o-d to 49,600/t ex-works. Meanwhile, HR strip (patra) prices softened by INR 300/t to INR 45,900/t ex-works.Patra prices in Mandi fell by INR 1,100/t within five working days. This decline occurred amid a demand slowdown in major markets, where buying remained limited.
Overview of Alang market
On 16 February, 2026, ship-breaking melting scrap prices in Alang, Gujarat, climbed INR 200/t d-o-d according to BigMint. HMS (80:20) was assessed at INR 33,500/t exy. The market saw robust trading activity, driven by a INR 200-300/t uptick in semi-finished steel prices and increased buyer inquiries for scrap, encouraging suppliers to hike offers.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 6,400-6,700/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 moved up by INR 300/t d-o-d to INR 33,800/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 13,800/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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