- Scrap prices edge up as arrivals decline
- Steel prices stable amid moderate demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/tonne (t) d-o-d to INR 37,900/t DAP on 12 March 2026. Scrap prices in the region surged by INR 200-300/t d-o-d.
In Mandi Gobindgarh today, scrap prices witnessed an uptick amid moderate steel demand, with arrivals notably lower than last week due to sellers holding back in anticipation of further gains driven by the ongoing gas crisis-particularly impacting light melting scrap (LMS) and heavy melting scrap (HMS). This cautious sentiment stems from persistent supply constraints and reduced buying activity over the past few days, though no acute shortages have emerged yet.
Semi-finished and finished steel prices stabilized after yesterday’s INR 100-300/t decline, but slow working conditions continue, with rolling mills monitoring potential production cuts if gas shortages escalate.
A mill owner informed: “Overall market activity remains moderate to below-moderate, as coal-based operations buffer some pressure while LNG-dependent units stay vigilant.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh inched up INR 100/t d-o-d to INR 32,600/t DAP. In contrast, steel-grade pig iron prices in Ludhiana remained stable at INR 40,200/t DAP.
Steel market trends
In Mandi Gobindgarh, semi‑finished steel (ingot) prices rose by INR 100/t d-o-d to INR 44,400/t DAP, reflecting moderate demand. In other major production centres, ingot prices similarly increased by INR 100-300/t d-o-d.
Rebar (Fe500) prices in Mandi Gobindgarh remained stable at INR 49,500/t exw, with minimal trade activity today.
Overview of Alang market
On 12 March, Gujarat’s ship-breaking melting scrap prices remained unchanged d-o-d. Ex-yard HMS (80:20) traded at INR 34,500/t. Market participants highlighted moderate demand from Bhavnagar IF mills, offsetting yesterday’s semi-finished steel price drop and urging suppliers to hold firm on offers.
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 $360-$362/t, approximately INR 35,522/t (inclusive of freight). HMS (80:20) prices in Mumbai increased by INR 100/t d-o-d to INR 34,000/t DAP. Indicative prices of shredded from Europe stood at $382/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 15,050/t.
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