- Sponge iron prices decline by INR 200/t d-o-d
- Finished steel prices soften INR 100/t; limited buying interest
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged day-on-day at INR 37,800/t DAP on 23 June 2026.
The Mandi Gobindgarh steel market showed a cautious tone today as demand for finished steel softened, and no major volume deals were concluded. Mills are expecting rangebound prices in the near term. Scrap arrivals improved compared with last week and sponge-iron inflows from the eastern region have increased, providing some relief for local producers; however, imported scrap buying remains muted due to high landed costs, making domestic scrap the preferred, more economical option for most buyers.
Alternative raw material prices
Raw material markets softened during the day. Sponge iron (CDRI) prices in Mandi declined by INR 200/t to INR 29,700/t DAP, while pig iron prices in Ludhiana fell by INR 100/t to INR 41,600/t DAP. Market sources indicated that steelmakers maintained a wait-and-watch approach, expecting the possibility of further corrections in metallics prices as steel demand remains sluggish across northern markets.
Steel market trends
On the steel side, price trends reflected broader market weakness. Mandi Gobindgarh ingot prices remained stable at INR 42,700/t DAP, supported by balanced local supply-demand conditions. However, other key production centres reported ingot price declines of INR 100-300/t, highlighting softer sentiment across regional markets. Finished steel prices also weakened, with rebar (Fe500) declining by INR 100/t to INR 47,400/t ex-works and HR strip (patra) falling by INR 100/t to INR 46,300/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 4,700-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $342/t, approximately INR 34,700/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai remained stable for the second consecutive day and were assessed at INR 33,000/t DAP. Indicative prices of shredded from Europe stood at $383/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 14,750/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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