India’s import of ferrous scrap has decreased in Q1 CY17 compared to the same time frame last year. Higher prices kept buying interest low which resulted in lesser imports.
According to customs data maintained with SteelMint, India imported 0.88 MnT of ferrous scrap during Jan-Mar’17 down by 48% when compared to Jan-Mar’16. Country imported 1.69 MnT ferrous scrap in Q1 CY16.
In Q4 CY16, India’s ferrous scrap imports were recorded at 1.05 MnT.
Higher scrap prices in Q1 CY17 kept importers away from booking cargoes – In Q1 CY17, Shredded scrap offers to India were seen hovering at an average price of USD 295/MT, CNF India which was USD 260/MT, CNF India in Q4 CY16 and USD 212/MT, CNF India in Q1 CY16. Thus it is evident that higher offers of imported scrap resisted buyers from booking cargoes.
USA accounted for 23% share in Indian ferrous scrap imports in Q1 CY17 – Indian imported 0.20 MnT ferrous scrap from USA during Jan-Mar’17. Other major countries for ferrous scrap imports to India during Q1 CY17 were – UAE (0.13 MnT) , UK (0.08 MnT) and South Africa (0.05 MnT).
India is world’s one of the major importers of ferrous scrap and the country imported 5.36 MnT ferrous scrap in CY16.
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