India: BigMint's ferrous scrap index remains stable d-o-d

- Sponge iron prices remain stable

- Finished steel prices soften by INR 200/t

BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, remained unchanged d-o-d at INR 38,500/t DAP on 30 June 2026. The Mandi market showed muted, need-based buying for scrap and finished steel as most buyers adopted a waitandsee stance. After the recent sharp price uptick, purchasing activity has cooled, with buyers reluctant to re-enter the market immediately.

Mill owners in Mandi, however, are anticipating further upside driven by ongoing power cuts and logistics constraints, leaving nearterm price direction uncertain. Overall sentiment remains cautious as participants monitor supply disruptions and demand response before committing to fresh purchases.

Alternative raw-materials:

Sponge iron (CDRI) in Mandi Gobindgarh remained steady d-o-d at INR 29,800/t DAP. Steel-grade pig iron in Ludhiana fell by INR 250/t to INR 41,000/t DAP today.

Steel market:

Semi-finished ingot prices in Mandi Gobindgarh eased by INR 100/t dayonday to INR 43,100/t (DAP). Across major production hubs, ingot rates slipped by INR 100-450/t during todays trading session.

Rebar (Fe500) in Mandi dropped INR 200/t d-o-d to INR 47,800/t (ex-works). Hotrolled strip (patra) held steady at INR 47,000/t (ex-works) as patra demand remained moderate, while the rebar segment experienced muted trading.

Overview of Alang market:

Alang scrap prices edged up on 30 June, with HMS (80:20) at INR 34,200/t exyard, a gain of INR 200/t dod. Traders attributed the uptick to stronger market sentiment after news of power curbs in Punjab lifted finishedsteel prices, encouraging suppliers to maintain firm scrap offers even though downstream buying remained subdued. June saw steady tonnage into Alang: seven vessels arrived, four were beached and three waitlisted-predominantly container vessels and tankers, plus one LNG carrier.

Price highlights:

End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,400-4,900/t.

Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $338/t, approximately INR 34,230/t (inclusive of freight). HMS (80:20) in Mumbai dipped by INR 150/t d-o-d to INR 32,250/t DAP. Indicative prices of shredded from Europe stood at $386-$388/t CFR Nhava Sheva.

Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) andsteel billets in Raipur stood at INR 14,900/t.