India: Mill scale exports rise 93% y-o-y in 10M FY-26 amid shifting demand tactics

• Kandla market remains active exporters in mill scale
• Domestic prices rises sharply in Kandla this year

India’s mill scale exports were recorded at 497,000 tonnes (t) in the 10 months of fiscal year 2026 as per vessel line-up data maintained by BigMint. Exports rose by 92.6% y-o-y against 258,055 t in the same period of the previous fiscal year 2025, as per vessel lineup data maintained by BigMint data. The substantial growth was attributed to consistent demand from major importing countries and aggressive overseas lookout by exporters, a shift in procurement strategies, and global steel market volatility.

Notably, higher export volumes were recorded from Kandla port. The port’s strategic proximity and pricing advantages still make it a preferred loading point for exporters. In 10M FY26, out of the total export volumes of 497,000 t, Kandla port contributed around 463,000 t, whereas rest volumes of 34,000 t was exported from Chennai port. In contrast the complete volumes of the corresponding period last year (258,055 t) were derived from Kandla port only.

The export market remained favorable in terms of pricing throughout the year, providing support for exporters to achieve good margins. Spot trades in the sea market were concluded at $100-105/t FOB Kandla this year, attracting market participants for overseas deals.

Country-wise contribution on mill scale export:

• The Philippines was the largest importer of Indian mill scale with 233,000 t in 10 M FY 2026, up by 39.5% y-o-y against 167,055 t in FY’2024. The country continued its strong buying to enhance Fe content in raw material blends.
• Malaysia imported the second largest quantity; consuming around 184,500 t in 10M FY’2026, a sharp hike of 412.5% against 36,000 t in 10M FY’2025.
• Vietnam imported 60,500 t mill scale; whereas Indonesia didn’t received any vessels this year.

Top Exporters from India:

KK Enterprises, the major mill scale exporter from Kandla, reported exports of 250,000 tons in this financial year. Companion Minerals exported approximately 115,000 tons, while Singhvi Group’s exports were around 105,000 tons. Gimpex contributed about 110,000 tons of mill scale to the market.

Why mill scale export rise in FY’26?

A modest uptick in demand from key importing countries such as Philippines, Vietnam, and Malaysia driven by decent global finished steel consumption and a revived interest towards active exports impacted mill scale trade volumes, BigMint noted.

Domestic mill scale market dynamics

Mill scale average prices in Kandla were recorded at INR 7,600/t DAP in this 10MFY’26, surged by INR 700/t y-o-y as compared with CPLY at INR 6,900/t DAP. BigMint recorded around 625,000 t mill scale domestic deals in the Kandla market for 10MFY26. Domestic demand increased this year as a few buyers actively procured mill scale.

However, average prices in Raipur were recorded at INR 6,200/t exw in 10 M FY’2026, declined by INR 800/t y-o-y. This market mostly catered to the inland needs of the buyer, but kept prices on check in overall market.

In Jalna, mill scale prices for this period stood at INR 6,225/t exw-Jalna.

Outlook: Mill scale exports from India are expected to continue rising in the near term, driven by inquiries from Southeast Asia. Additionally, export volumes in FY27 are projected to increase due to active participation from exporters and higher demand from Southeast Asian countries.