- Mills restrict purchases amid weak steel demand
- Finished steel prices decline across key products
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, moved down by INR 400/t d-o-d to INR 41,100/t DAP on 24 September 2026.
Mandi Gobindgarh, a key secondary steel hub, witnessed a softer trend today as major buyers remained absent amid cautious market sentiment. Scrap demand was equally weak, with mills restricting procurement to need‑based quantities over the past few days. This caution stems from elevated scrap arrivals from neighbouring states and sluggish finished steel offtake.
Alternative raw materials
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 33,900/t DAP amid limited demand.
Steel-grade pig iron in Ludhiana also held steady at INR 43,700/t DAP, providing stable cost support despite mixed signals across the secondary steel market.
Steel market
In Mandi Gobindgarh, ingot prices declined by INR 350/t d-o-d to INR 46,500/t DAP. Prices have fallen by INR 1,200/t over the past four days, reflecting subdued demand and cautious buying.
Rebar prices declined by INR 400/t to INR 51,800/t ex-works, while HR strip (patra) prices fell by INR 500/t to INR 50,400/t ex-works.
Auction result
In the current week, around 6,200 t of HMS(80:20) mix light melting scrap from Korba, Chhattisgarh was booked at INR 36,400/t ex-works in the auction.
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 5,200-5,600/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $370/t, approximately INR 37,800/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 36,500/t DAP. Indicative prices of shredded from Europe stood at $410-412/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 15,850/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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