- Sponge iron prices increase by INR 100/t today
- Semi-finished steel prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, rose by INR 100/tonne (t) d-o-d to INR 43,400/t DAP on 06 Oct 2026. Mandi Gobindgarh’s secondary steel market edged higher on Tuesday, with steel scrap prices firming up while semi-finished and finished steel prices remained broadly stable d-o-d amid limited trading activity.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 100/t day-on-day to INR 35,600/t DAP, while steel-grade pig iron prices in Ludhiana declined by INR 500/t day-on-day to INR 44,000/t DAP amid a soft buying trend.
Steel market
In the steel segment, Mandi Gobindgarh ingot prices inched up by INR 50/t d-o-d to INR 48,700/t DAP, while other key hubs saw ingot values firm by INR 100-500/t, indicating a broader upward trend.
In finished steel, rebar ex-works prices held steady d-o-d at INR 53,600/t, supported by slow to moderate buying from local traders. Similarly, HR strip (patra) prices remained unchanged day-on-day at INR 53,200/t ex-works, reflecting a wait-and-watch stance among buyers.
Overview of Alang market
Alang’s ship-breaking HMS 80:20 melting scrap price declined by INR 300/t d-o-d to INR 38,500/t ($400/t) ex-yard on 6 October 2026, reflecting persistent weak buying interest and cautious procurement. Trade activity stayed muted as buyers limited purchases to immediate needs, while a wide bid-offer gap between sellers and buyers constrained deal flow. Market participants cited ongoing demand uncertainty and volatile finished-steel prices in key consuming regions as reasons to avoid inventory build-up, with many buyers positioning for potential further price corrections in the near term.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,200-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva port were assessed at $371-372/t, equivalent to approximately INR 38,130/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable day-on-day at INR 37,000/t DAP, while HMS (90:10) prices also held steady at the INR 38,000/t level. Indicative prices for shredded scrap from Europe stood at $414-415/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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