- Sponge iron prices remains stable d-o-d
- Semi-finished steel prices decline by INR 150/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, dipped by INR 100/tonne (t) d-o-d to INR 37,200/t DAP on 03 March 2026. The Mandi Gobindgarh steel market witnessed a downtrend in steel prices ahead of the upcoming festival, with only need‑based activity seen in trade. This subdued sentiment prompted scrap suppliers to lower their offers in today’s market. Local mills, however, remain optimistic that steel prices will firm up after the festival, expecting improved demand once operations resume after the one‑week halt.
A mill owner informed “Overall loading and unloading of scrap remained on hold from today due to the upcoming festival. Transportation and logistics are expected to face disruptions over the next few days, creating a near‑market‑closure situation for several days. As a result, mills are restricting their purchases and operating with only limited procurement today.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 32,600/t DAP. In contrast, steel-grade pig iron prices in Ludhiana fell by INR 100/t to INR 39,800/t DAP.
Steel market trends
In Mandi Gobindgarh, semi‑finished steel (ingot) prices slipped by INR 100/t d-o-d to INR 43,700/t DAP, reflecting reduced transactions and softening demand. In other major production centres, ingot prices similarly declined by INR 100-550/t d-o-d.
Rebar (Fe500) prices in Mandi Gobindgarh declined by INR 100/t to INR 48,500/t exw, with minimal trade activity today.
Overview of Alang market
BigMint’s assessment indicates that ship‑breaking melting scrap prices in Alang, Gujarat, climbed by INR 400/t d‑o‑d to INR 33,800/t ex‑yard. This uptrend followed a INR 1,200-1,500/t increase in semi‑finished and finished steel prices during yesterday’s trading, driving higher scrap inquiries and prompting local suppliers to hike their offers today.
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 $350/t, approximately INR 34,549/t (inclusive of freight). Indicative prices of shredded from Europe stood at $373/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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