- Moderate scrap buying by mills, tight supply keep index flat d-o-d
- Finished steel prices dip by INR 100-200/t, ingots remain stable
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 37,500/tonne (t) DAP on 22 July 2026. The scrap index remained stable for the fourth consecutive day as buying by local mills stayed moderate, while semi‑finished and finished steel prices declined by INR 100-200/t d-o-d.
Scrap prices in the Mandi region have remained largely stable over the past four days amid subdued finished steel demand. Local mills indicated low to moderate offtake, keeping buying interest muted and limiting upside for scrap. At the same time, persistent tightness of available scrap supplies supported price stability, preventing significant declines. Market participants expect prices to move sideways in the near‑term trend unless finished‑steel demand picks up or scrap availability improves significantly.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 29,000/t DAP amid moderate buying, while steel‑grade pig iron in Ludhiana inched down by INR 100/t d-o-d to INR 40,300/t DAP.
Steel market trends
In Mandi, ingot prices were unchanged d-o-d at INR 42,000/t DAP during the price‑reporting and normalisation phase, while major markets saw declines of INR 100-350/t. Rebar (Fe500) in Mandi decreased by INR 200/t d-o-d to INR 46,800/t ex-works, and HR strip (patra) prices weakened by INR 100/t to INR 46,500/t ex-works.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,300-4,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $335/t, approximately INR 34,600/t (inclusive of freight). HMS (80:20) in Mumbai inched down by INR 50/t d-o-d to INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $392/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.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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