- Raw material prices remain stable d-o-d
- Semi-finished steel prices up INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 38,200/t DAP on 2 February 2026. Today’s trading session in Mandi remained notably subdued, with steel demand staying silent across both halves. Scrap prices saw only a marginal uptick, driven solely by a minor rise in semi-finished steel prices. Overall, market activity reflected cautious sentiment amid limited buyer interest.
Budget doubles TCS on scrap sales to 2%, with no net tax hike due to adjustability against final liability. Still, it intensifies short-term cash pressures for working-capital-dependent groups. Small-scale scrap handlers and induction furnace makers-hampered by brief cycles and low cash reserves-face sharpest effects. Market feedback points to upcoming wary procurement sentiment, especially price-vulnerable ferrous scrap grades for secondary steelmakers.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 30,600/t DAP, while steel-grade pig iron prices in Ludhiana were unchanged d-o-d at INR 40,200/t DAP.
Steel market trend
In Mandi Gobindgarh, semi-finished steel prices rose by INR 100/t day-on-day to INR 44,500/t DAP during the reporting and normalization period. Across major steel hubs, prices fluctuated within a INR 100-200/t range, reflecting mixed movements.
In the rebar (Fe500) segment, Mandi Gobindgarh prices remained stable day-on-day at INR 49,100/t ex-works amid static market conditions.
Overview of Alang market
Alang’s ship-breaking melting scrap prices climbed INR 100/t d-o-d on 2 February. BigMint pegged HMS (80:20) at INR 32,800/t exy. Buoyed by moderate prior-session demand for semis and longs, alongside fresh inquiries from Bhavnagar mills, suppliers hiked offers on improving sentiment.
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 5,900-6,400/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $333/t, approximately INR 32,775/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 32,700/t DAP. Indicative prices of shredded from Europe stood at $363/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 15,150/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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