India: Foundry ferrous scrap prices show mixed regional trends w-o-w on 24 Feb

• Southern region records sharp gains due to tightening scrap supply
• Prime scrap tightness shapes market direction

Domestic foundry ferrous scrap prices in India recorded selective upward movement during the week ended 24 February 2026, supported by improved procurement activity and tightening availability of prime scrap grades. Price increases were largely concentrated in southern markets, while western prices remained stable and eastern India witnessed a mild correction.

Southern markets, particularly Chennai and Coimbatore, led weekly gains as foundries actively replenished inventories amid steady casting orders and relatively constrained scrap inflows. Market participants reported stronger restocking demand, encouraging buyers to secure material at higher price levels.

CR-busheling (low Mn) scrap continued to outperform other grades across regions, reflecting persistent supply tightness and sustained preference for cleaner, consistent-quality feedstock among foundries. Plate scrap prices moved higher in the south but remained unchanged in Kolhapur, indicating balanced supply-demand conditions in western India. Meanwhile, Kolkata prices edged lower due to slower buying activity and comparatively comfortable local availability.

Overall market sentiment remained cautiously positive, with clear regional divergence – southern India showing firm momentum, western markets trading sideways, and eastern India experiencing mild pressure.

Key highlights

Southern India drives gains: Chennai and Coimbatore prices increased by INR 500-700/t w-o-w, supported by stronger foundry demand and tighter scrap arrivals.

Prime scrap remains firm: CR-busheling prices rose across tracked regions, outperforming plate scrap amid continued supply constraints and strong consumption preference.

Outlook

Foundry ferrous scrap prices are expected to remain firm to slightly bullish in the near term. Limited generation of prime scrap and steady procurement by casting units are likely to support prices, particularly in southern markets. Western India may continue to trade within a stable range, while eastern prices could stabilize if buying activity improves. However, any improvement in scrap inflows or slowdown in foundry orders may limit sharp upside movements.