Indian imported scrap market continues to remain subdued in line with high offers in global market and depreciated Indian rupee. Despite rupee finding some strength against US dollar, Indian importers are not comfortable placing fresh orders.
Trade sources highlight that there are some transactions taking place from Europe and Middle East, however Scrap imports from US has been down as offers are quite high.
According to provisional data by Indian customs, imports of Scrap to India have gone down by almost 50% in last 2 months. According to the data, India imported around 5,10,000 tonnes in July 2013, which has come down to 2,60,000 tonnes in September (till 25th Sep 2013).
Current offers for shredded Scrap from US and Europe stands at around USD 374-376/MT CFR India (in containers) and HMS 1&2 are offered at around USD 352-355/MT CFR India (in containers). Offers from Middle East for HMS 1&2 stands in the range of USD 342-345/MT CFR India (in containers).
Indian importers highlight that trades will take place if Rupee comes to 57-58 levels or imported scrap offers come down by USD 10-15
Turkey reduced its steel scrap imports by 18.2% during Jan-June 2013
According to latest data released by BIR (Bureau of International Recycling), the world's three main steel scrap importers reduced their overseas purchases in the first six months of this year (Jan-June): Turkey by 18.2% to 9.2 million tonnes; the Republic of Korea by 7% to 4.8 million tonnes; and India by 19.4% to 3.4 million tonnes. Despite the decline, Turkey remained the world's foremost steel scrap importer.
Japan significantly increased ferrous scrap exports by 16.9%
For this year's January-June period, it is noticeable that Japan alone enjoyed a positive export result. With its favorable short shipping routes, the country significantly increased its steel scrap exports in the first half of this year (+16.9% to 4.7 million tonnes),with the main buyers being the Republic of Korea (+16.7% to
2.8 million tonnes), China (-2.3% to 1.4 million tonnes), according to BIR report.
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