- Sponge iron prices increase by INR 775/t w-o-w
- Semis, finished steel prices up INR 750/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, inched up by INR 100/tonne (t) d-o-d to INR 37,700/t DAP on 6 March 2026.Scrap prices surged INR 735-800/t this week, fueling an overall positive market sentiment.
Scrap prices edged higher, buoyed by rising semi-finished steel costs and raw material inflation, spurring mills to procure limited volumes for operational continuity. Ahead of Holi, local steel prices climbed despite halted scrap loading/unloading, creating a near market-closure.
Primary steel makers’ finished steel price hikes this week bolstered secondary producers in Mandi Gobindgarh, enabling price rises, while overall demand showed improvement over last week.
A mill owner informed, “Festival slowdown curbs scrap arrivals in Mandi Gobindgarh, prompting price hikes from opportunistic sellers amid emerging mild shortage.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh moved up by INR 100/t d-o-d to INR 32,800/t (DAP). Prices improved by INR 775/t w-o-w.
Steel-grade pig iron prices in Ludhiana increased by INR 150/t d-o-d to INR 40,200/t (DAP), while prices were stable w-o-w.
Steel market dynamics
In the semi-finished steel segment, ingot prices in Mandi Gobindgarh climbed up by INR 100/t d-o-d to INR 44,300/t DAP, while prices across major production hubs strengthened by INR 100-700/t over the same period. On a w-o-w basis, ingot prices in Mandi rose by INR 750/t.
Rebar (Fe 500) prices in Mandi Gobindgarh jumped INR 300/t d-o-d at INR 49,100/t. On a w-o-w basis, prices increased by INR 735/t.
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 $354/t, approximately INR 34,800/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 100/t d-o-d to INR 33,700/t DAP. Indicative prices of shredded from Europe stood at $374/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 14,200/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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