- Semis, finished steel prices rise by INR 100-300/t d-o-d
- Moderate demand seen in Mandi’s semi-finished steel market
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 200/t d-o-d to INR 40,700/t DAP on 25 August 2026. Scrap prices increased in today’s session, supported by firm mill buying, while demand in the finished steel segment remained moderate compared with the previous trading session.
The Mandi Gobindgarh secondary steel market continued to witness a firm price trend today, with prices across the raw-material and finished-steel segments rising by around INR 200-300/t d-o-d. Scrap arrivals in the Mandi region showed a slight improvement. Major mills continued to procure scrap at premium levels, indicating sustained competition for suitable material and buyers’ willingness to secure raw materials despite cautious finished-steel demand.
Buying interest for sponge iron was also reported at lower prices, providing additional support to the local steelmakers. Nevertheless, the market continued to face a notable bid-offer disparity, with sellers maintaining higher expectations while buyers remained cautious and largely focused on requirement-based procurement.
A mill owner informed BigMint: “Scrap prices may remain supported in the coming sessions if tighter arrivals and stringent GST checks further constrain scrap flows, while mills continue to secure raw materials at premium levels. However, the widening bid-offer gap and cautious finished-steel buying could limit further price gains unless downstream procurement improves.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 200/t d-o-d to INR 31,800/t DAP, amid moderate buying activity.
Meanwhile, steel-grade pig iron prices in Ludhiana remained stable at INR 42,500/t DAP. Prices have remained unchanged for the past two weeks, indicating relatively balanced market conditions in the segment.
Steel market
Semi-finished steel prices trended higher across major production centres, underpinned by improved buying interest and firmer mill offers. In Mandi Gobindgarh, ingot prices increased by INR 100/t d-o-d to INR 44,800/t DAP, while other key hubs recorded gains of INR 100-500/t, reflecting regionally stronger demand and tighter near-term availability.
In the long-products segment, Mandi’s rebar (Fe500) prices advanced INR 300/t to INR 49,600/t ex-works, supported by moderate end-user inquiry.
HR strip (patra) prices inched down by INR 200/t to INR 49,800/t ex-works. Following yesterday’s sharp price increase of INR 1,000/t, patra buyers adopted a cautious approach today. Despite the strong demand and active buying that supported the sudden hike, market activity slowed as buyers remained reluctant to make fresh purchases at elevated levels. The sharp price escalation has widened the gap between buyer and seller expectations, prompting some buyers to defer purchases or limit procurement to immediate requirements.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $348-$350/t, approximately INR 35,590/t (inclusive of freight). Today, HMS (80:20) prices in Mumbai moved up by INR 100/t d-o-d to INR 34,500/t DAP. Indicative prices of shredded from Europe stood at $402/t-$404/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 12,400/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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