- Raw material prices remain stable d-o-d
- Semis, finished steel prices increase by INR 100-300/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,200/tonne (t) DAP on 3 February 2026.
Key secondary steel hub Mandi Gobindgarh witnessed mixed trends today, as bid-offer disparities continued to persist. Scrap buyers remained cautious and were largely awaiting further price corrections, while sellers increased their offers by around INR 200/t for light melting scrap(LMS) and HMS compared to yesterday evening.
According to a mill owner, scrap buying activity remained moderate-plus. Large integrated mills continued to operate at full capacity and maintained healthy procurement levels. However, small and medium-scale mills were running at nearly half capacity, as elevated conversion costs limited their ability to operate at full scale.
Alternative raw material prices
In Mandi Gobindgarh’s raw materials market, sponge iron (CDRI) held steady d-o-d at INR 30,600/t DAP, mirroring the unchanged steel-grade pig iron prices in Ludhiana at INR 40,200/t DAP.
Steel market trend
Semi-finished steel prices in Mandi Gobindgarh surged INR 100/t d-o-d to INR 44,600/t DAP amid the normalization phase. In contrast, ingots across major hubs advanced by INR 100-450/t.
In the rebar (Fe500) segment, Mandi Gobindgarh prices climbed INR 300/t d-o-d to INR 49,400/t ex-works. Buying interest stayed moderate, picking up in the latter half of the trading session.
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 6,000-6,400/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $333/t, approximately INR 32,400/t (inclusive of freight). HMS (80:20) prices in Mumbai remained stable d-o-d at INR 32,700/t DAP. Indicative prices of shredded from Europe stood at $363/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 15,000/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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