- Sponge iron prices remain unchanged d-o-d
- Semis stable, finished steel prices up INR 200/t today
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained stable d-o-d at INR 38,600/t DAP on 5 August 2026. Scrap prices remained rangebound today, supported by need-based buying in the market.
The overall steel market remained moderate today, with semi-finished steel prices largely unchanged, while finished steel prices were assessed higher by INR 200/t on a day-on-day basis. The uptick in finished steel was largely driven by margin pressure, as local scrap suppliers had raised prices over the past few days amid tight availability, prompting mills to pass on part of the cost increase.
Market sentiment in the rebar segment stayed below average, with demand still subdued and largely need-based. Despite the limited buying support, producers opted for selective price hikes to protect realisations, reflecting a cautious but firm tone in the market.
Raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained steady d-o-d at INR 29,800/t DAP, while steel-grade pig iron prices in Ludhiana were unchanged at INR 42,200/t DAP. This indicates a stable trend in alternative raw material markets, with buyers and sellers largely maintaining current price levels amid muted market movement.
Steel market
Mandi Gobindgarh’s semi-finished steel market remained largely stable today, with ingot prices unchanged d-o-d at INR 42,600/t DAP, extending the stable trend seen over the past two days. In contrast, other major production centres reported a decline of around INR 100 to INR 250/t.
In the finished-steel segment, rebar (Fe500) prices in Mandi Gobindgarh rose by INR 200/t d-o-d to INR 47,400/t ex-works, while HR strip (patra) prices edged down by INR 100/t to INR 47,600/t ex-works ex-works.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 3,800-4,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $328/t-$330/t, approximately INR 33,580/t (inclusive of freight). HMS (80:20) prices in Mumbai eased by INR 100/t d-o-d to INR 32,500/t DAP. Indicative prices of shredded from Europe stood at $390/t-$392 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 13,100/t
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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