- Steel prices rise INR 100-200/t, offering limited support
- Need-based procurement and GST verification activity weigh on sentiment
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 300/tonne (t) d-o-d to INR 40,400/t DAP on 21 October 2026. Other scrap grades remained largely stable day-on-day, as buying activity stayed limited. Local steelmakers continued to procure scrap on a need-based basis, while GST verification activity was also reported in the region. Meanwhile, demand for semi-finished and finished steel remained moderate. Prices inched up by INR 100-200/t, offering mild support to market sentiment, though overall buying remained cautious.
A mill owner informed BigMint:”After the holiday period and a prolonged lull in finished steel demand, the market witnessed a revival in buying activity today, prompting mills to raise prices. However, the scrap segment continued to face margin pressure, as mills adopted a cautious and need-based procurement approach amid sufficient scrap inventories and healthy arrivals over the past few weeks.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 100/t d-o-d to 34,100/t DAP, while steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 43,500/t DAP.
Steel market
In the steel segment, Mandi Gobindgarh ingot prices advanced by INR 100/t d-o-d to INR 47,000/t DAP, supported by moderate buying activity during the session. The upward momentum was not limited to Gobindgarh, as ingot prices at other key hubs also strengthened by INR 100-600/t, indicating a broader improvement in market sentiment.
In the finished steel segment, rebar ex-works prices rose by INR 200/t to INR 52,200/t on steady downstream demand.The broad-based rise in both semi-finished and finished steel prices points to improving demand visibility and lends support to a firmer near-term price outlook
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 $360-$365/t, approximately INR 36,700/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,300/t DAP. Indicative prices of shredded from Europe stood at $405-$407/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 16,400/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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