India: Foundry scrap market remains under pressure; low-manganese CR-busheling sees sharper correction

• Plate scrap stabilises, processed low-Mn grades witness decline
  
  
• Demand stable, buyers remain cautious about procurement
  
  

Ferrous scrap prices across Indias major foundry hubs remained under pressure w-o-w on 9 June 2026, though the pace of correction slowed in plate scrap grades, particularly after the sharp declines witnessed during the previous week. Southern markets continued to remain weak, with processed low-manganese (low-Mn) CR-busheling grades recording steeper corrections, reflecting cautious procurement sentiment and softer buying activity.

Market participants indicated that foundries continue to procure material on a requirement basis, amid pressure on finished product realisations and elevated conversion costs. While plate scrap prices largely stabilised, lower buying interest and adequate availability weighed on low-Mn processed scrap prices, especially in southern markets.

Demand remains stable; procurement cautious

Demand for castings remained broadly stable, supported by regular domestic and export orders. However, foundries continued to adopt a cautious buying strategy, amid uncertainty over scrap price direction and continued pressure on operating margins.

Market participants noted that buyers are avoiding aggressive stocking, preferring short-term procurement due to expectations of limited near-term price movement.

Region-wise scenario

Kolhapur

Foundry plate scrap prices remained stable at INR 39,000/t.

CR-busheling Low Mn prices also remained unchanged at INR 43,500/t.

Coimbatore

Foundry plate scrap prices declined by INR 200/t to INR 40,800/t.

CR-busheling Low Mn prices fell sharply by INR 1,300/t to INR 44,200/t.

Chennai

Foundry plate scrap prices eased marginally by INR 100/t to INR 38,600/t.

CR-busheling Low Mn prices declined sharply by INR 1,500/t to INR 43,000/t, reflecting softer buying sentiment.

Kolkata

Foundry plate scrap prices remained stable at INR 39,200/t.

Outlook

Following the sharp correction observed in early June, the downside pressure in plate scrap grades appears to be moderating, with prices stabilising across most regions. However, processed low-Mn CR-busheling grades may continue to face mild pressure, particularly in southern markets, amid cautious procurement and improved spot availability. Near-term price movements are expected to remain limited.