- Raw materials, steel semis prices stable d-o-d
- Steel rebar prices improve by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 40,400/t DAP on 22 Oct 2026.The overall steel market stayed moderate, while scrap buying was limited in today’s trading session.
In Mandi, higher steel scrap arrivals from neighbouring regions, coupled with sluggish procurement by local steelmakers, have intensified pressure on suppliers. With most mills holding comfortable scrap inventories, suppliers have been compelled to lower offers in an attempt to stimulate buying interest. The widening availability-demand imbalance continues to weigh on scrap price sentiment in the region.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained unchanged day-on-day at INR 34,100/t DAP, while steel-grade pig iron prices in Ludhiana also held steady at INR 43,200/t DAP.
Steel market
Ingot prices in Mandi Gobindgarh remained stable day-on-day at INR 47,000/t DAP on Thursday, supported by slow-to-moderate buying interest. Across other key hubs, prices followed a mixed trend, with declines of INR 100-400/t in select regions offset by increases of INR 100-500/t elsewhere during the final trading session. The divergent movement reflects region-specific demand conditions and varying availability of semi-finished material.
In the finished steel segment, rebar prices edged up by INR 100/t day-on-day to INR 52,300/t ex-works, while HR strip (patra) prices remained unchanged at INR 51,000/t ex-works. Steady buyer demand continued to provide support to finished steel prices, maintaining overall price stability in the segment.
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 6,500-6,800/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 declined by INR 200/t day-on-day to INR 36,100/t DAP, as cautious buyer sentiment and limited purchasing activity weighed on the scrap segment. A widening bid-offer gap in the middle of the market also restricted transaction volumes, keeping price discovery under pressure. Indicative prices of shredded from Europe stood at $403-$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. Scrap procurement activity remained subdued, with prices declining marginally by INR 100/t amid cautious buyer participation. Pig iron prices also weakened by INR 250/t during today’s trading session, reflecting soft demand sentiment across the raw material segment. Price weakness extended to the steel value chain, with semi-finished and finished steel prices declining by INR 100-350/t. The broad-based correction suggests subdued demand, limited transaction activity, and a cautious buying approach among market participants.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – support@bigmint.co
Leave a Reply