- Sponge iron prices decrease by INR 175/t w-o-w
- Semis, finished steel prices dips by INR 800-830/t
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 37,300/t DAP on 20 February 2026. Scrap prices fell to a six-week low as domestic availability improved sharply across the region. Increased arrivals, coupled with sluggish buying interest from secondary steel producers, weighed on overall sentiment. Steel mills remained cautious in procurement due to slow movement of finished steel, which led to rising inventories at plant and trader levels. In Mandi, scrap prices declined by INR 940/t to INR 1,025/t this week.
Market participants indicated that mills in Mandi Gobindgarh are receiving imported HMS (80:20) scrap offers at around $345-347/t CFR Mundra, while HMS (90:10) scrap is being quoted at higher levels of $355-360/t CFR Mundra. Meanwhile, Ludhiana-based mills reported offers for blue steel and PNS scrap at $385-388/t CFR Mundra.
Alternative raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh declined by INR 100/t d-o-d to INR 31,900/t DAP while as per weekly basis prices fell by INR 175/t.
Steel-grade pig iron prices in Ludhiana remained stable d-o-d at INR 40,000/t DAP and w-o-w.
Steel market trends
In Mandi Gobindgarh, semi-finished steel prices decreased by INR 100/t d-o-d to INR 43,800/t DAP during the reporting and normalisation period. Across major steel hubs, prices fell INR 100-200/t d-o-d. Ingot prices in Mandi dipped by INR 810/t on a weekly basis.
In the rebar (Fe500) segment, Mandi Gobindgarh prices inched down by INR 100/t d-o-d to INR 48,600/t ex-works. As per weekly price changes, the rebar market declined by INR 830/t.
Overview of other markets
Ship-breaking melting scrap prices in Gujarat’s Alang market decreased by INR 200/t d-o-d on 20 Feb’26. According to BigMint’s assessment, HMS (80:20) prices stood at INR 33,300/t ($366/t) ex-yard. Semi-finished and finished steel prices in the region declined by INR 200-300/t in yesterday’s trading session due to slow finished steel demand. Meanwhile, average trade activity in scrap prompted suppliers to reduce their offers today.
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 6,400-6,700/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $348/t, approximately INR 34,020/t (inclusive of freight). HMS (80:20) prices in Mumbai fell by INR 100/t to INR 33,500/t DAP. Indicative prices of shredded from Europe stood at $373/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 13,400/t.
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To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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