According to data released by Indian Custom, India's import of Ferrous scrap increased by 25% M-o-M. In general bookings were concluded one month earlier of the receipt of the cargoes.
In July '13, India's import of ferrous scrap was around at 5,10,000 MT, which increased by 25% M-o-M against 4,07,600 MT which was imported in June '13.
India's import of ferrous scrap from UK was around at 1,17,400 MT, which increased by 50% M-o-M, followed by South Africa which was at around 84,400 MT, increased by 41% M-o-M. Similarly from US 50,300 MT was imported which increased by 33% M-o-M. The remaining quantities were imported from other countries.
Similarly, the Chennai port (India) received 1,16,900 MT of ferrous scrap which was down by 8% M-o-M.
Contrarily, Ludhiana ICD received by 96,600 MT of ferrous scrap which increased by 50% M-o-M. JNPT received 82,500 MT of ferrous scrap which increased by 16% M-o-M and the rest of the quantities were received from other ports.
In June '13, average domestic scrap prices in Mumbai for HMS 1&2 was at Rs 22,560/MT (Basic Price).Offers coming from Dubai for HMS 1&2 was at USD 330-335 /MT CFR Mumbai (330*58 + 2.5% import duty + Rs 2,000 handling charge is equal to 21,600-700/MT, 1 USD = 58 INR) which is feasible to India. With Rupee getting stable against Dollar, which was at Rs 57-58/USD, has resulted in increased booking.
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