Indian Ferrous Scrap Imports Rise in October

Ferrous scrap imports to India recorded increase of 10% M-o-M in October.

India imported total of 465,000 MT ferrous scrap in Oct’15, recording rise of 10% M-o-M. In the previous month, scrap imports were 420,000 MT.

UAE is the highest scrap exporter to India with total exports of around 86,300 MT in Oct’15, followed by South Africa (72,000 MT), UK (60,000 MT) and US (46,000 MT).

Meanwhile, Ludhiana ICD remained highest scrap importing port, with imports of about 105,000 MT, followed by Chennai (86,400 MT) and JNPT (81,500 MT).

India imported about 45,30,000 MT (4.53 MnT), out of which scrap imports from UAE contribute around 15%, followed by US (14%) and UK (13%).

Reasons for increase in import

Affordable scrap offers along with pre-stocking pressure before winters holiday in buyers have led to rise in scrap bookings and imports. There are handful of bulk vessel still to arrive in Nov’15 at Indian ports.