Indian Bulk Scrap Imports Fall by 42% Y-o-Y in FY20

India's bulk ferrous scrap imports witnessed a sharp decrease by 42% on a yearly basis. The country imported a total of 312,410 MT of scrap in FY'20 (Apr'19- Mar'20) as against 536,771 MT of imported in FY'19 (Apr'18- Mar'19), as per vessel line up data maintained with SteelMint. Dull domestic steel demand kept domestic scrap prices under pressure which resulted in lower imports.

In spite of the drop, the USA remained the highest bulk ferrous scrap supplier, as it supplied 196,940 MT of scrap during the FY'20, with 63% of share in total scrap imported by India in FY'20. However, bulk scrap imports from USA decreased by 26% in comparison with 265,681 MT imported by India in FY'19.

Followed by other prominent suppliers such as Netherlands and Russia, which supplied a prominent volume of 75,070 MT (24% share) and 31,500 MT (10% share) respectively in FY'20.

On a monthly basis, the scrap imports shoot up to 8,900 MT in Mar'20 as against the nil volume reported in Feb'20. A vessel "BJ Queen" arrived at birth in Mar'20. This is the lowest volume of bulk scrap imported by the country on a monthly basis since the previous lowest was reported in Sept'18.

Quantity in MT
Source: Vessel line up Data