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India: Lead semis, scrap imports fall by up to 6% m-o-m in Aug'24

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Lead

BigMint Bureau

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11 Oct 2024, 16:22 IST

India: Lead semis, scrap imports fall by up to 6% m-o-m in Aug'24

India's imports of semi-finished lead in August 2024 were at 35,798 tonnes (t), a drop of 6% m-o-m as compared to 38,014 t in July 2024. However, imports were up 8% y-o-y compared to 33,172 t in August 2023.

South Korea emerged as the top exporter of semi-finished ingots to India, with 10,394 t, followed by Malaysia at 4,128 t, Japan at 3,466 t, and the UAE at 3,090 t, respectively.

The average LME lead price decreased by 7% in August 2024 to settle at $2,040/t in comparison with $2,180/t in July 2024.

Scrap imports

Lead scrap imports dipped by 5% to 18,522 t in August 2024, down from 19,536 t in July 2024. On a y-o-y basis, imports rose dramatically by 128% compared from 8,116 t in the previous year.

A grade-wise examination shows that the top grade imported was radio, which decreased 8% m-o-m in August 2024 to 8,462 t in comparison with 9,163 t in the previous month. Rink followed at 6,052 t, down 25% m-o-m compared to 8,097 t in July 2024, and relay at 2,779 t in August 2024, up 147% in comparison with 1,125 t in July 2024.

The top exporter of lead scrap to India in August 2024 was the US at 6,779 t, followed by Dominican Republic of Congo at 2,041 t, and the UK at 1,664 t, as per provisional data maintained with BigMint. Exports from other countries stood at 8,038 t.

What led to a drop in semi-finished imports?

Increased domestic production: Due to increased domestic production of semi-finished lead, which rose by 5% to 22,000 t in August 2024 from 21,000 t the previous month, imports declined. Local output sufficiently met domestic demand. Additionally, refined lead output was at a two-and-a-half year high.

Meanwhile, cumulative production of semi-finished lead over April-August, 2024 stood at 94,000 t, down by 9% against 86,000 t in the same period last year.

Outlook

According to International Zinc and Lead Study Group (ILZSG), India's anticipated increases in refined lead production can significantly reduce its reliance on imports of semi-finished and scrap lead. As domestic output rises, India will be better positioned to meet its own demand for lead, particularly in industries such as battery manufacturing and construction.