- Raw material prices remain firm d-o-d
- Finished steel prices increase by INR 100/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,800/tonne (t) DAP on 9 February 2026.
In Mandi Gobindgarh, India’s pivotal secondary steel hub, prices remained range-bound today, underpinned by positive market sentiments. The key driver: primary mills’ recent finished steel price hike announcements, which boosted seller confidence for February price trends and near-term stability.
The steel scrap market remained firm, though finished steel buying eased slightly, keeping offers steady. Local mills anticipate an upward momentum in the secondary steel sector this week, fuelled by steady semi-finished demand and an optimistic regional outlook.
Alternative raw material prices
In Mandi Gobindgarh, sponge iron (CDRI) prices held steady d-o-d at INR 31,900/t DAP, while steel-grade pig iron prices in Ludhiana remained unchanged at INR 40,300/t DAP.
Steel market dynamics
Semi-finished steel prices in Mandi Gobindgarh inched down by INR 100/t d-o-d to INR 45,200/t DAP.
In the rebar (Fe500) segment, prices climbed INR 100/t d-o-d to INR 50,000/t ex-works. Buying interest stayed moderate in the region. HR strip (patra) prices also rose by INR 100/t to INR 47,000/t ex-works today.
Overview of Alang market
Alang ship-breaking melting scrap prices were stable on 9 February, according to BigMint’s assessment, with HMS (80:20) quoted at INR 33,300-33,500/t ex-yard. Although steel prices firmed marginally in the previous session, restrained buying sentiment limited upside, resulting in unchanged offers from suppliers.
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 6,300-6,600/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,146/t (inclusive of freight). HMS (80:20) prices in Mumbai moved up by INR 100/t to INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $368-$370/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 14,200/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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