India’s ferrous scrap imports slide 20% y-o-y in FY’26

India’s imported ferrous scrap fell sharply by 19% y-o-y to an estimated 6.82 million tonnes (mnt) from 8.45 mnt in FY’25, according to BigMint data. The drop marks one of the steepest y-o-y declines in the last four years, driven by compressed mill margins, surging domestic scrap generation, and lower import competitiveness. Despite the decline in imports, India’s overall ferrous scrap consumption actually rose 17% to a record 41 mnt in FY’26 from 35 mnt in FY’25. This is because domestic scrap generation jumped 22% y-o-y to 32 mnt, reducing the country’s dependence on imported material.