Indian Scrap Imports rise by 10% in November

According to import data released in November, Ferrous scrap imports to India have increased by 10% M-o-M.

November month, which is believed as pre-winter stocking month, finally ends showcasing an uplift in imported figures of 4.04 lakh MT, which had fallen sharply by 24% in the month of October (3.68 lakh MT).

Port-wise Imports

Till now, Ludhiana ICD has been the highest importing port, but in November, JNPT emerges to the fore with record breaking imports of about 84,700 MT followed by Chennai & Ludhiana ICD with quantity imports of about 84,200 MT & 78,800 MT respectively.

Top Exporting Countries

SteelMint assessed that total imports from South Africa remain highest in contrast to all other exporting countries to India, followed by UK & UAE. South Africa contributes about 18% of India’s total Scrap imports in November with UK constituting 16% and UAE about 13.5%.

Experts View

Market experts had anticipated that Scrap imports would increase significantly in November owing to seasonal stocking by Indian mills before US & Europe goes for holiday added to winter constraining Scrap supply in the market. Though, imports have increased, fall in Sponge iron & Billet prices coupled by depreciating Indian currency could not support it to grow significantly, leading to rise of only 10% against previous month’s fall of 24%.

For more details on Scrap import statistics of Nov’14 (click here)