- Sponge iron prices increase by INR 100/t
- Semi-finished steel prices rise by INR 100/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 100/tonne (t) d-o-d to INR 36,800/t DAP on 26 February 2026. Today’s trading session in Mandi remained subdued, with steel demand staying muted 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 and limited buyer interest.
A trader reported booking approximately 5,000 t of light melting scrap at $310/t CFR Mundra from Brazil.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh edged up by INR 100/t d-o-d to INR 32,000/t DAP while steel-grade pig iron prices in Ludhiana edged down by INR 200/t d-o-d to INR 39,300/t DAP.
Steel market trends
In Mandi Gobindgarh, semi‑finished steel (ingot) prices increased by INR 100/t d-o-d to INR 43,400/t DAP, reflecting moderate market trend. In other major markets, ingot prices surged by INR 100-200/t d-o-d.
Rebar (Fe500) prices remained stable d-o-d at INR 48,000/t ex-works, accompanied by minimal trading activity. HR strip (patra) prices rose by INR 100/t to INR 44,400/t ex-works. Demand for finished steel remains slow, with no major big deals reported in the Mandi steel market.
Overview of Alang market
Prices for ship-breaking melting scrap in Alang, Gujarat, stayed flat d-o-d on 26 February. BigMint assessed HMS (80:20) at INR 33,400/t ex-yard. Suppliers held firm as semi-finished and finished steel prices remained virtually unchanged, with scrap trade staying moderate.
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 $348/t, approximately INR 33,942/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $371/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 13,850/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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