The scrap imports to India records increase of 19% in September.
India imported total of around 420,000 MT of ferrous scrap this Sep’15, recording rise of 19% M-o-M. In the previous month, scrap imports were recorded 352,000 MT
UAE is the highest scrap exporter to India with total exports at around 85,500 MT in Sept’15 followed by South Africa (72,000 MT) , UK (55,000 MT) and US (40,700 MT).
Meanwhile, Ludhiana ICD remained highest scrap importing port, with imports of around 100,000 MT followed by Chennai (78,000 MT) and JNPT (71,000 MT).
Total scrap imports to India from Jan-Sep’15 sums around 40,65,000 MT (4.06 MnT), out of which scrap imports from UAE contribute around 15% followed by US (14%) and UK (13%).
Reasons for Increase in import
Falling prices in global market, is certainly an important factor for increase in bookings as manufacturers are not willing to miss the opportunity to buy scrap at such reasonable rates. Shredded scrap at present is offered at USD 190-195/MT, CFR India.
Scrap imports may further increase
SteelMint anticipates scrap imports to increase in the month of Oct’15 as there are couple of bulk deals heard in the market and are expected to be arrive during Oct’15 and mid-Nov’15.
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