Indian scrap buyers are again showing a propensity to buy bulk cargoes after a long hiatus. Data maintained with BigMint shows imports of bulk ferrous scrap cargoes had dropped sharply from March 2023, and had remained depressed throughout last fiscal (FY’24) at a mere 0.75 million tonnes (mnt) compared to a far heftier 2.30 mnt in FY’23. However, as per the latest information available, India secured bookings of approximately six bulk scrap vessels in April 2024. These, originating in the US west coast, are probably expected to reach Kandla, Chennai, and Vizag ports in May -June. The deals were heard at $400-405/tonne (t) for shredded and $395-400/t for HMS 80:20. It may be noted that bulk offers have also increased by $5-10/t of late.
