Indian Ferrous Scrap Import Fell 29% in Jan’17

The Ferrous Scrap data maintained with Steelmint indicates that country’s import of the material has fallen in Jan’17 compared to the month prior. The total imports from Jan’16 to Jan’17 show that the imports have been down by a considerably high margin.

India imported 0.32 MnT of ferrous scrap during the month of Jan’17 down 29% when compared to the month earlier. Country had imported 0.46 MnT in Dec’16. The imports have fallen Y-o-Y as well as by 36%, it were 0.51 MnT for Jan’16 against 0.32 MnT in Jan’17.

The largest exporter to India for Jan’17 was the USA accounting nearly 30% of the total imports done by India. According to the provisional data available with SteelMint, JSL (Jindal Stainless Ltd.) was the largest company to import ferrous scrap which amounted to approx. 37,000 MT in Jan’17.

M-o-M reduction in imports in Jan’17 can be related to lowered Bulk Vessel imports and the increased global scrap prices. The Y-o-Y decrease can be majorly because of demonetisation which led to shortage of cash flow and this had impacted the mills . Many plants were shut down or had to cut down their production as sales were down tremendously.

The prevailing trends suggest that the imports for the month of Feb & March would be down and there are not much of bookings according to the sources.

Major Ferrous Scrap Exporting Countries to India

Source : Provisional, Customs Data
Quantity in MT