- Rebar prices decline by INR 750/t w-o-w
- Weak finished steel offtake weigh on scrap prices
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 37,400/t DAP on 10 July 2026. Scrap prices in the region fell by INR 800/t-1,000/t w-o-w.
Mandi Gobindgarh experienced renewed downside this week as lacklustre end-user demand and hesitant buyers drove a risk-averse market stance. Mills cited slower off-take and growing inventory, compressing operating margins and prompting price reductions. Quantitatively, rebar prices slipped INR 750/tonne and ingot/billet prices fell INR 700/t w-o-w. Outlook: Near-term sentiment remains negative unless buying activity or downstream restocking accelerates.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh moved down by INR 100/t d-o-d to INR 29,000/t (DAP). Prices dipped by INR 450/t w-o-w.
Steel-grade pig iron prices in Ludhiana dipped by INR 200/t day‑on‑day to INR 40,600/t (DAP), while prices softened by INR 100/t w-o-w amid limited demand.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 150/t d-o-d, settling at INR 42,000/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-400/t in today’s trading session. As per weekly basis, ingot prices in the region decreased by INR 700/t.
Rebar (Fe500) prices in Mandi Gobindgarh remained stable d-o-d at INR 46,800/t ex-works. Meanwhile, w-o-w prices eased by INR 750/t.
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 4,400-4,800/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $330-$332/t, approximately INR 33,900/t (inclusive of freight). HMS (80:20) in Mumbai fell by INR 100/t d-o-d to INR 31,200/t DAP. Indicative prices of shredded from Europe stood at $380/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 14,600/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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