- Sponge iron prices increase by INR 200/t today
- Finished steel prices decline by INR 100/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, eased by INR 200/t d-o-d to INR 42,000/t DAP on 03 Sept 2026.
The Mandi Gobindgarh secondary steel market witnessed a mixed trend on Thursday, with domestic scrap prices remaining under pressure amid higher arrivals. Buyers largely stayed cautious and halted fresh purchases, while seeking lower quotations from local suppliers.
Semi-finished steel prices increased by around INR 200/t d-o-d, providing some support to the market. However, finished steel prices declined by nearly INR 100/t, limiting the overall upward momentum and keeping market sentiment mixed.
Market participants said buyers continued to remain on the sidelines during today’s trading session due to the prevailing uncertainty. With demand yet to gain clear momentum and price movements remaining uneven across segments, trading activity stayed subdued in the Mandi Gobindgarh secondary steel market.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh inched up by INR 200/t d-o-d to INR 33,500/t DAP. Meanwhile, steel-grade pig iron prices in Ludhiana remained stable at INR 42,000/t DAP.
Steel market
Semi-finished steel prices trended higher across major production centres, supported by moderate to good buying interest and firmer mill offers. In Mandi Gobindgarh, ingot prices increased by INR 200/t day-on-day to INR 46,500/t DAP, while prices in other key hubs rose by INR 100-600/t d-o-d.
In the long-products segment, Mandi Gobindgarh rebar (Fe 500) prices declined by INR 100/t d-o-d to INR 51,500/t ex-works. Meanwhile, HR strip (patra) prices increased by INR 200/t d-o-d to INR 51,400/t ex-works, supported by moderate demand from the pipe segment in Mandi Gobindgarh.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,900-4,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $364/t, approximately INR 36,700/t (inclusive of freight). HMS (80:20) in Mumbai remained stable d-o-d at INR 35,250/t DAP. Indicative prices of shredded from Europe stood at $414/t CFR Nhava Sheva.
A mill owner informed BigMint:”One of the leading scrap buyers in Mumbai booked around 2,500 t HMS (80:20) scrap at INR 35,000/t DAP.”
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 13,100/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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