- Lower semis prices push scrap sellers to trim offers
- Finished steel prices decline by INR 200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, decreased by INR 100/tonne (t) d-o-d to INR 38,500/t DAP on 05 February 2026. Scrap prices in Mandi Gobindgarh declined today amid a sluggish, largely inactive steel market and muted buying interest. Semi-finished and finished steel prices dropped by INR 200/t during the trading session, prompting scrap suppliers to reduce offers in the second half.
Raw material
Sponge iron (CDRI) prices in Mandi Gobindgarh rose by INR 400/t d-o-d to INR 31,500/t DAP, while steel-grade pig iron prices in Ludhiana inched up by INR 150/t d-o-d to INR 40,500/t DAP.
Steel market
Semi-finished steel (ingot) prices in Mandi Gobindgarh declined by INR 200/t d-o-d, settling at INR 44,800/t DAP. Other major production hubs also witnessed price drops in the range of INR 100-600/t during today’s trading session.
Rebar (Fe500) prices in Mandi Gobindgarh decreased by INR 200/t to INR 49,600/t ex-works. HR strip (patra) prices fell by INR 200/t d-o-d to INR 46,300/t ex-works.
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 6,200-6,600/t
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $340/t, approximately INR 33,022/t (inclusive of freight). HMS (80:20) prices in Mumbai moved up by INR 100/t to INR 32,800/t DAP. Indicative prices of shredded from Europe stood at $370/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 14,300/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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