India imported total 510,500 MT of ferrous scrap in Jan’16, recording a fall of about 24% M-o-M. In the previous month (Dec’15), scrap import was about 677,000 MT.
USA was the highest scrap exporter to India in Jan’16 with total export of over 96,800 MT, recording a fall of 40% M-o-M; followed by UAE at 78,300 MT (+12%) and UK at 70,300 MT (-38%).
Meanwhile, Ludhiana ICD Port remained the highest scrap importer with 90,700 MT (-16% M-o-M), followed by JNPT at about 80,000 MT (-25%) and Chennai at 76,200 MT (-53%).
India in total has imported about 5,740,000 MT (5.74 MnT) during 2015 (Jan-Dec’15).
Reasons for fall in import
Indian mills have booked handful of bulk vessels in last quarter of 2015, for the sake of winter stockings, of which more than half were arrived in the month of December itself and the rest were received in January.
Limited bookings were made in January owing to poor demand and voltile sentiment in Indian market. INR also depreciated to 68 against USD, resulting to further resistance in buying. It is anticipated that scrap import numbers may sharply fall in the month of February.
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