India: Mill scale prices stay firm across key markets despite cautious trade sentiment

• Traders adopt wait-and-watch approach in Kandla market
• Market uncertainty rises as mill scale prices remain elevated in Raipur

Mill scale prices across Raipur, Kandla, and Jalna reflected largely firm trends as of 20 May 2026. According to BigMint’s latest assessment, Fe 69% mill scale prices in Kandla remained stable at INR 9,200/t ($95/t) DAP compared to 16 May while in Raipur prices also remained unchanged at INR 7,200/t ($74/t) exw as compared to 16 May. Meanwhile, Jalna prices steady at INR 7,050/t ($73/t) ex-works against 13 May’26.

In Kandla, prices remained largely stable in this session with participants observing a mild sluggishness in the trades as prices have rose to a certainly high level, causing the participants to keep an eye on upcoming week’s trend and likely trade levels before confirming any deal. Overall fundamentals remained healthy but an uncertainty over price correction was seen being discussed among traders. Moreover, exporters too held back from buying at aggressive trade levels. Only 500 t of trades were recorded at INR 9,200/t ($95/t) DAP.

In Raipur, mill scale prices continued to remain firm, supported by higher offer levels from suppliers. Market sources indicated that some transactions were concluded at comparatively stronger price levels, despite overall sentiment in the steel sector remaining subdued. Participants described the market as uncertain, with mill scale prices either sustaining at elevated levels or moving higher even as downstream demand conditions remained weak. A Raipur-based trader informed BigMint that “no fresh procurement had been undertaken, as previously purchased material was yet to be liquidated in the market”. Approximately 2,100 t of deals were heard concluded in the range of INR 7,200-7,550/t ($74-78/t) ex-works during the assessment period.

In Jalna Market stayed firm with most traders and intermediaries stocking up material for the meantime while some small pockets of trades were heard to Hyderabad market. While, on the other hand some market chatters regarding upcoming buying from mills kept the market active. Deals remained absent in Jalna too.