- Stable billet, rebar prices keep melting scrap prices stagnant
- Weak finished steel demand continues to weigh on scrap trade
Ship-breaking melting scrap prices in Alang remained unchanged d-o-d on 29 June 2026, with HMS (80:20) assessed at INR 34,000/t ex-yard. Although reduced arrivals at ports and ship-breaking yards continued to tighten scrap availability, muted procurement from secondary steelmakers prevented any upward movement in prices.
The ferrous value chain in Gujarat remained under pressure amid subdued buying activity. Billet prices in Bhavnagar were stable d-o-d at INR 41,100/t DAP, while rebar prices in Ahmedabad remained unchanged at INR 46,000/t ex-works. Market participants noted that weak finished steel demand continued to limit fresh raw material purchases, with most buyers restricting procurement to immediate production requirements.
Billet prices in Mandi Gobindgarh held steady at INR 42,900/t DAP, while rebar prices remained unchanged at INR 47,400/t ex-works. HMS scrap prices in the region were also stable at INR 35,100/t DAP, supported by balanced supply conditions. The absence of any meaningful movement in finished steel prices discouraged aggressive restocking, while suppliers were equally reluctant to lower offers, keeping scrap values broadly supported.
Overall, sentiment across the domestic ferrous scrap market remained cautious. Limited trading activity, steady finished steel prices, and restrained buying interest continued to keep transactions largely need-based, despite relatively tighter scrap availability.
Outlook
The market is expected to remain subdued over the coming weeks as geopolitical tensions continue to weigh on trade sentiment. At the same time, lower vessel arrivals at ports and reduced scrap availability at ship-breaking yards are likely to provide underlying support to prices, although any significant upside will depend on an improvement in finished steel demand and mill procurement activity.
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