- Sponge iron prices increase by INR 300/t
- Finished steel rally drives market sentiment
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, improved by INR 600/tonne (t) d-o-d to INR 41,500/t DAP on 7 April 2026. Within two working days scrap prices in the region have increased by INR 1,400-1,600/t.
Mandi Gobindgarh’s steel market posted a robust demand surge on Tuesday, with rebar (Fe500) and HR strip (patra) seeing strong trading volumes and firm upward price momentum. Primary mills’ aggressive hikes in finished steel further boosted sentiment, encouraging active participation from buyers and traders.
Scrap procurement by local mills remained aggressive, driven by persistent shortages that propelled ferrous scrap prices higher during the session. This alignment of healthy semi-finished demand and raw material tightness underscored improving market sentiment in the region.
Raw material prices strengthen
Sponge iron (CDRI) prices in Mandi increased by INR 300/t to INR 35,300/t DAP, while steel-grade pig iron prices in Ludhiana rose by INR 250/t to INR 44,000/t DAP. The synchronised uptick in raw materials indicates strengthening input cost pressure for steelmakers.
Steel market
In Mandi Gobindgarh, semi-finished steel (ingot) prices surged by INR 650/t d-o-d to INR 47,500/t DAP, supported by higher raw material costs and aggressive price hikes by primary mills. Across other key hubs, ingot prices increased by INR 200-1,000/t.
Finished steel prices also moved up, with rebar (Fe500) rising by INR 300/t to INR 53,300/t ex-works, while HR strip (patra) edged up by INR 100/t to INR 50,500/t ex-works. Market participants reported strong trading volumes, with improved sentiment encouraging active participation from buyers and traders.
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 5,800-6,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $380/t-385/t, approximately INR 38,091/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,200/t DAP. Indicative prices of shredded from Europe stood at $400/t-$405/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 16,000/t.
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