India Billet and Secondary Steel Market Pulse

India’s secondary steel market opened Monday with mixed signals across key trade centers. While billet prices corrected marginally in northern and central regions, finished TMT and rebar markets displayed positive momentum following a strong Saturday session.

Firmness in Alang scrap is emerging as a key underlying support factor for secondary melt economics.

1. Regional Price Snapshot

• Mandi Gobindgarh Billet: ₹43,800 / 900

Change: -100 / -200

• Raipur Billet: ₹40,600 / 700

Change: -100

• Raipur TMT: Around ₹41,200

Market opening stable with positive undertone

• Alang Melting Scrap: Opened +₹200

• TMT / Rebar (Saturday trend): Average upward movement of +₹200 to +₹300 across most markets

2. Billet Market Trend Analysis

Billet prices in both Mandi Gobindgarh and Raipur witnessed minor corrections despite improving finished steel sentiment.

Key factors influencing billet movement:

• Selective buying activity and cautious trader participation

• Inventory adjustments by secondary mills

• Immediate conversion focus toward finished TMT rather than billet stocking

• Scrap cost movement beginning to impact melt replacement calculations

The correction remains limited and appears tactical rather than structural at this stage.

MetalsBuy Market Insight

Billet softness reflects short term trade positioning rather than demand collapse. Mills are recalibrating procurement in response to weekend rebar strength and rising scrap costs.

3. Rebar and TMT Momentum

Saturday saw broad based improvement in the TMT and rebar market, with most regions reporting upward movement of ₹200 to ₹300.

Raipur opened Monday around ₹41,200 with stable to firm sentiment. Traders report improved enquiry levels compared to late last week.

Demand drivers include:

• Infrastructure linked procurement

• Ongoing project execution before fiscal year closure

• Restocking at distributor level

MetalsBuy Market Insight

Finished steel strength is currently supporting secondary mill confidence. If acceptance levels sustain through the week, billet offers are likely to stabilize accordingly.

4. Scrap Market Influence

Alang melting scrap opened higher by ₹200, adding upward pressure on induction furnace and EAF operating costs.

Scrap firmness directly impacts:

• Billet replacement cost

• Rolling margin calculations

• Procurement strategy of secondary steel producers

The scrap movement is a critical leading indicator for billet direction this week.

MetalsBuy Market Insight

Sustained scrap firmness will gradually reflect in billet offers. However, immediate demand absorption in finished products will determine how quickly mills pass on cost pressure.

5. Market Positioning for Monday 23 February 2026

The secondary steel complex is currently in a transitional phase:

• Billet marginally softer

• Rebar firming

• Scrap strengthening

• Mills monitoring conversion margins

Price movement remains controlled and within narrow bands, indicating a balanced demand supply equation at present.

Key Market Data Table

Market	Product	Price	Change
Mandi Gobindgarh	Billet	₹43,800 / 900	-100 / -200
Raipur	Billet	₹40,600 / 700	-100
Raipur	TMT	~₹41,200	Stable Positive
Alang	Melting Scrap	—	+200
Pan India	Rebar	—	+200 to +300

This update is intended as a real time market reference for trade participants on Monday, 23 February 2026.