Indian Ferrous Scrap Imports Fall 14% in May’16

The Indian imports of ferrous scrap registered sharp decline month-on-month during May 2016.

As per the recent data maintained by SteelMint, the ferrous scrap imports by India during the month of May 2016 dropped sharply (14%) over the previous month. It is the second consecutive month that the steel scrap imports have noticed a downfall.

The country’s total scrap imports during May 2016 amounted to 549,200 MT. The imports were down sharply by 14% as compared to April 2016, which were recorded at 639,000 MT. Indian Scrap Imports for a period of Jan-May 2016 totaled 1,697,000 MT.

During May ’16, UK was the largest scrap exporter to India. The scrap imports from UK totaled 110,221MT, accounting for more than 20% of the country’s total scrap imports.

The second largest exporter of scrap to India was the US. The scrap imports by the country from the US totaled 89,223 MT. In third place was UAE with supply volume of 48,753 tons.

Scarp Imports Down on High Prices

Scrap imports to India fell down on account of high scrap prices in global market coupled with falling domestic billet and sponge iron prices.

Billet prices in domestic market have corrected by almost USD 15-16/MT in a month’s time.

Indian ferrous scrap import during Apr’16 and May’16

Quantity in MT
Source: Custom Data, SteelMint