- Sponge iron prices decline by INR 100/t d-o-d
- Finished steel prices soften by INR 500/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,900/tonne (t) DAP on 21 April 2026.Scrap demand in the region remains decent, with mills procuring domestic steel scrap at fairly healthy levels. However, demand for semi-finished and finished steel has stayed weak across both halves of the trading session, leading to a decline in finished steel prices.
A mill owner informed “Domestic scrap inflows into Mandi have slowed from neighboring regions as suppliers hold back supplies in the ongoing downtrend steel market, with a mild shortage now also visible in the region today.”
Few mills and traders reported that South African-origin LMS bundles and loose scrap have arrived in Mandi at $338-$345/t, even as booking activity for imported scrap remains very slow under the current market conditions.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 33,300/t DAP. In contrast, steel-grade pig iron prices in Ludhiana moved down by INR 100/t to INR 41,700/t DAP.
Steel market trends
In Mandi Gobindgarh, semi-finished steel (ingot) prices remained steady on a day-on-day basis at INR 45,000/t DAP, reflecting moderate to below moderate demand. In other major production centers, prices either declined by INR 100-300/t or rose by INR 100-400/t d-o-d, indicating a mixed price trend across the domestic market.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 500/t d-o-d to INR 50,300/t exw. HR strip (patra) prices also inched down by INR 100/t to INR 47,400/t exw.
Overview of Alang market
On 21 Apr’26, ship-breaking melting scrap in Gujarat’s Alang market eased by INR 300/t d-o-d, as BigMint pegs HMS (80:20) at INR 36,700/t ex-yard; weak to moderate trade in the prior session pulled semi-finished and finished steel prices down by INR 100-200/t in the region, and with only average activity in the scrap market, sellers have begun trimming their offers.
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 $380-382/t, approximately INR 37,986/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable d-o-d at INR 35,300/t DAP. Indicative prices of shredded from Europe stood at $395/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 16,300/t.
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