A single bulk shipment of 25,000 MT was recorded in June.
India witnessed a slight fall in scrap imports from 522,000 MT in May’15 to 4,81,000 MT in June’15.
Indian importers resisted from making fresh bookings during May and June, owing to less clarity in market on new PSIC norms. Even exporters seemed hesitant to trade with India due to stringent inspection norms.
SteelMint noticed a bulk shipment from Australia of 25,000 MT mixed scrap (HMS & shredded) at Vizag Port and sources informed, MTC was the importer of the consignment at USD 280-282/MT, CFR Vizag Port.
Two more bulk vessels are reported to have been berthed at Kandla and Cochin in the first week of July with 9,000 MT and 27,500 MT scrap respectively. The consignments were from Australia and USA.
Statistics- June’15
UK turned out to be the highest scrap exporter to India this June, followed by South Africa and UAE. Surprisingly, export from US which was highest in May (93,000 MT), fell by around 60% in June (39,500 MT). Whereas, Ludhiana ICD became the highest scrap importing port, followed by JNPT and Chennai in June’15.
Scrap Offers as on 10 July’15
After receiving clear notification of amended PSIC norms, offers for scrap have witnessed a fall of USD 10-15/MT. HMS 1&2 from Europe are heard to be offered at USD 240-245/MT and shredded at USD 270-275/MT, CFR India, with low buying interest.
As per SteelMint’s assessment, scrap imports may fall noticeably in the month of July, owing to inactivity in import market and bearish sentiment during June -July’15.
For detailed Scrap Import reports (click here)
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