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- Western and southern markets record steepest monthly decline
- Northern markets remain relatively resilient on tighter scrap availability.
India’s CR busheling scrap market continued to soften in July 2026, with the sharpest corrections recorded in the western and southern regions, according to BigMint’s analysis. Prices in these markets declined by approximately INR 950-2,150/t month on month, pressured by weak demand from the secondary steel sector, increased consumption of alternative scrap grades amid competitive pricing, modest corrections in finished steel prices and elevated inventory levels.
Northern markets witnessed a milder decline of around INR 450-500/t. Tight scrap availability, along with steady demand from foundries and local scrap-based mills, limited the downside. Overall, OEM scrap prices reflected muted sentiment across India’s secondary steel sector.
CR busheling auction comparison m-o-m
Indian OEM scrap auction prices declined by approximately INR 600-3,900/t month on month in July, weighed down by subdued steel demand and increased competition from sponge iron. The correction was sharper in western and southern markets, with Pune, Ahmedabad and Hosur recording declines of nearly 3-10%. Pantnagar and Gurugram reported comparatively moderate decreases of around 1%. However, limited availability of alternative scrap grades encouraged mills to participate aggressively in auctions, particularly across the northern region, keeping bidding activity firm despite the broader price weakness.
HRC, CRC price trends
At the trade level, HRC prices declined by INR 400/t m-o-m to INR 57,900/t in July from INR 58,300/t in June, while CRC prices eased by INR 200/t m-o-m to INR 65,000/t from INR 65,200/t over the same period. Market activity remained firm, while procurement continued to be driven primarily by immediate requirements, reflecting cautious buying sentiment.
Imported Vs Domestic
Imported CR busheling scrap at Kandla and Mundra was assessed at $415-420/t, equivalent to approximately INR 41,000-41,500/t DAP after duties, while domestic busheling scrap in Ahmedabad, Gujarat, was assessed at INR 34,000/t DAP. No major trades were observed during July 2026. The absence of significant import transactions suggests that domestic consumers remained reluctant to book imported material despite softer international prices. Weak finished steel demand and ample domestic availability continued to limit import interest, while buyers preferred flexible procurement through domestic OEM auctions and local suppliers.
Auto sector performance
India’s passenger vehicle market rebounded sharply in July 2026, with domestic dispatches rising 33.6% year on year to 463,249 units, supported by festive-season inventory build-up ahead of Onam and Varamahalakshmi. Maruti Suzuki led with 196,203 units, up 42.4% YoY, lifting its market share to 42.4%. Tata Motors retained second position at 62,611 units, gaining 58.4% YoY, while Mahindra followed closely with 60,048 units. Hyundai dispatched 54,210 units, and Toyota recorded 30,516 units, maintaining fifth place.
Upcoming scrap auctions
Near term outlook
CR busheling scrap prices may remain under pressure through August unless secondary steel demand improves meaningfully. While stronger passenger vehicle production could gradually increase prime scrap generation, any recovery in scrap prices will largely depend on improved finished steel demand, lower inventories and stronger procurement by secondary steelmakers rather than supply-side developments alone.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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