- Raw-to-finished steel prices stay strong, climbs INR 300-700/t in Mandi
- Ludhiana pig iron prices improves INR 1,200/t d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 700/tonne (t) d-o-d to INR 37,600/t DAP on 1 Jan 2026.
India’s key secondary steel hub, Mandi Gobindgarh, exhibited a positive trend across all segments from raw materials to finished steel. Prices jumped INR 300-700/t day-on-day, fueled by upbeat market sentiment spilling over from other states.
Scrap bookings sustained robust buying interest, while finished steel demand held moderately strong throughout both trading halves.
Local steelmakers anticipate continued positivity, expecting further price upticks in the near term.
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh increased by INR 300/t d-o-d to INR 29,700/t DAP. Steel grade pig iron prices in Ludhiana climbed by INR 1,200/t d-o-d to INR 38,700/t DAP.
Steel market trend
In Mandi Gobindgarh, semi-finished steel prices improved by INR 600/t d-o-d to INR 42,800/t DAP during the reporting and normalisation period.Across major steel hubs, prices gained INR 500-1,200/t day-on-day, signaling a broadly positive trend. Ingot prices in Raipur spiked by INR 1,200/t, reaching the session’s highest level.
In the rebar (Fe500) segment, Mandi Gobindgarh prices rose INR 500/t day-on-day to INR 47,300/t ex-works, backed by moderately stronger demand. However HR strip(patra) prices increased by INR 600/t d-o-d to INR 44,400/t ex-works.
Overview of Alang market
Alang ship-breaking scrap surges INR 700/t d-o-d to INR 33,000/t ex-yard on 1 Jan, says BigMint. Gujarat’s regional steel market buzzes with active scrap inquiries, boosted by govt’s fresh safeguard duty on flat products. Local suppliers dig in heels, shunning buyer lowballs to safeguard against discounted sales.
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 5,000-5,200/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $325-326/t, approximately INR 31,600/t (inclusive of freight). HMS (80:20) in Mumbai rose by INR 200/t d-o-d to INR 31,500/t DAP. Indicative prices of shredded from Europe stood at $350-$354/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 15,900/t.
To check BigMint’s melting scrap assessment, pricing methodology, and specification documents, click here.
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