India: Scrap Imports fall by 24% in October

According to import data release in October, Scrap imports have fallen by 24% M-o-M.

October month, which was full of Indian festivals and lesser activities in the domestic market, finally ended up with fall in Scrap imports by about 1 lakh tonnes. India has imported about 3.68 lakh tonnes Ferrous scrap in Oct’14. Ludhiana remains to be largest Scrap importing port in the previous month, with total imports to be about 94,000 MT.

Top Exporting Countries

SteelMint learned imports from top destinations have fallen significantly in month of October against Sep’14. South Africa remains to be the top exporter of Scrap to India followed by UAE & UK. Handful of demand conditioned with quick delivery calls for more imports from UAE improving its rank from 3^rd to 2^nd in the exporters’ list.

Grade-wise contribution

Among the grades, HMS was the highest one imported; contributing around 55% of total Ferrous scrap followed by Shredded. Out of total Shredded scrap imported, UK has contributed to about 43% (24,000 MT) and USA to about35% (19,500 MT). Whereas, Turning scrap was the next most preferred Scrap imported in Oct’14. Out of total Turning imported, Chennai has alone consumed over 40% of the total imported material.

Market Report

Even though, import data inferred fall in Scrap demand, market experts believe there will be rise in Scrap imports in November viewing steep fall in Scrap prices and increasing difficulties in Sponge iron production because of raw material (Iron ore & coal) scarcity.

Currently, Scrap offers are hovering in the range of around USD 330-335/MT for HMS 1&2; down by USD 5/MT (W-o-W) and Shredded scrap is at around USD 340-345/MT CFR India. Buyers for Shredded are interested at USD 335/MT levels.

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