- Sponge iron prices remain stable for two consecutive days
- Semis and finished steel prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/t d-o-d to INR 37,300/tonne (t) DAP on 16 July 2026. Scrap purchases were moderate during today’s trading session, while finished-steel prices in Mandi held steady as overall sentiment remained moderate.
A mill owner informed BigMint: “With average operational activity in the steel segment, finished-steel rates remained stable today. Routine scrap buying by local traders pushed scrap prices up by about ₹100/t during the trading session. In the near term, steelmakers expect only minor price fluctuations as demand across other markets remains limited.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh were unchanged day-on-day at INR 28,900/t DAP, while steel‑grade pig iron in Ludhiana held steady at INR 40,700/t DAP amid moderate buying in today’s market.
Steel market trends
In Mandi, ingot prices were unchanged d-o-d at INR 41,800/t DAP during the price‑reporting and normalisation phase, while major markets saw declines of INR 100–150/t. Rebar (Fe500) in Mandi held steady at INR 46,700/t ex‑works, and HR strip (patra) remained stable d-o-d at INR 45,700/t ex‑works amid moderate demand.
Overview of Alang market
The ship‑breaking melting scrap market in Alang, Gujarat, was steady on 16 July. HMS (80:20) was assessed at INR 34,000/t (USD 353/t) ex‑yard. Tight availability of processed material kept the market supported, counterbalancing cautious, requirement‑based buying by secondary steelmakers. With purchases largely limited to immediate needs, supply and demand remained balanced and prices held firm.
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 4,300-4,700/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $335/t, approximately INR 34,600/t (inclusive of freight). HMS (80:20) in Mumbai rose by INR 350/t d-o-d to INR 31,350/t DAP as scrap shortages and rain‑related disruption to collection tightened supply in the region, while billet and rebar prices also improved. Indicative prices of shredded from Europe stood at $388/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 14,350/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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