- Sponge prices increases INR 600/t d-o-d
- Semi-finished steel prices surge INR 250/t today
BigMint’s end-cutting scrap index, tracking Mandi Gobindgarh, rose INR 200/t d-o-d to INR 39,000/t DAP on 10 February. Semi-finished steel prices surged INR 250/t d-o-d, likely lifting scrap further. Demand picked up early but cooled as buyers turned cautious amid the rally, slowing trade. Regional scrap buying stayed robust, with mills eyeing further gains and buyers awaiting a steel price dip.
A local mill owner informed “Raw material prices have risen steadily since last week, with finished steel prices showing near-term promise. However, volumetric deals from project-based work remain slow, as mills await clearer demand signals before ramping up.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi increased by INR 600/t d-o-d to INR 32,500/t (DAP). Steel-grade pig iron prices in Ludhiana remained unchanged d-o-d at INR 40,250/t (DAP) amid limited buyers in the market.
Steel market
Semi-finished steel prices (ingot) in Mandi Gobindgarh rose by INR 250/t d-o-d to INR 45,400/t (DAP), while ingot prices across major production hubs strengthened by INR 100-350/t over the same period. Ingot prices in Raigarh jumped INR 350/t today, marking the largest single-day increase observed across India.
Rebar (Fe500) prices in Mandi Gobindgarh held steady day-on-day at INR 50,000/t ex-works. HR strip (patra) prices mirrored this stability, unchanged d-o-d at INR 47,000/t ex-works amid cautious buying.
Overview of Alang market
Alang, Gujarat’s ship-breaking melting scrap saw no d-o-d change on February 10, 2026—HMS (80:20) at INR 33,500/t ex-yard per BigMint. Regional steel price gains yesterday aside, moderate procurement queries from Bhavnagar IF mills signaled suppliers to maintain steady offers.
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 33,085/t (inclusive of freight). HMS (80:20) prices in Mumbai moved up by INR 300/t to INR 33,500/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 14,300/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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