Indian Ferrous Scrap Imports Fall 14% during Jan-Oct'17
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India world's third-largest scrap importer after Turkey and South Korea has witnessed fall its ferrous scrap imports. India imported 3.94 MnT ferrous scrap during Jan-Oct'17, which was summed at 4.58 MnT during the first ten months in CY16.Therefore, the country has witnessed 14% Y-o-Y fall in its ferrous scrap imports during Jan-Oct'17.
Cheaper availability of domestic scrap and DRI has kept away Indian mills from importing scrap in large volumes. Also, global scrap offers have remained on the higher side. During Jan-Oct'17, the averaged prices for USA origin Shredded scrap to India increased by USD 80/MT from around USD 230/MT during Jan-Oct'16, to USD 310/MT, CFR While prices for HMS 1&2 from Middle East increased by USD 70/MT, from an average around USD 220/MT to USD 290/MT, CFR. The domestic scrap prices for HMS averaged at INR 20,680/MT Ex. Mumbai basis during Jan-Oct'17 as against INR 16100/MT, during Jan-Oct'16.
Scrap imports have come down by 24% M-o-M in Oct'17 as against imports in Sept'17.India imported 0.34 MnT ferrous scrap in Oct'17 against 0.45 MnT ferrous scrap imports in Sept'17. On yearly comparison, imports have shown growth of 17% Y-o-Y in Oct'17 against 0.29 MnT ferrous scrap imports in Oct'16.
Top Indian ports for ferrous scrap imports were Chennai, JNPT, Ludhiana, Kandla and Vizag.
United States remained largest scrap exporter to India -
During Jan-Oct'17, United States exported highest (0.65 MnT, -24% Y-o-Y) ferrous scrap to India. Followed by United Arab Emirates (0.55 MnT, -14% Y-o-Y) and United Kingdom (0.43 MnT, -43% Y-o-Y) as second and third largest exporters of ferrous scrap to India respectively during first ten months in CY17.
Other prominent sources of ferrous scrap to India during Jan-Oct'17 were - South Africa (0.23 MnT), Australia (0.20 MnT), Hong Kong (0.17 MnT), Malaysia (0.14 MnT), Singapore (0.15 MnT) and Tanzania (0.12 MnT).
In Oct'17, United States and UAE both supplied highest 0.05 MnT ferrous scrap to India. South Africa exported 0.03 MnT while China and United Kingdom exported 0.02 MnT ferrous scrap. Australia, Hong Kong, Singapore and Malaysia exported each 0.01 MnT ferrous scrap to India in Oct'17.
Imported ferrous scrap prices remain range bounded in Oct'17 - Monthly average offers for Dubai origin Imported HMS 1&2(80:20) scrap stood around USD 307/MT in Sept'17 which fell to USD 296/MT, CFR Nhava Sheva in Oct'17. While offers for USA origin Shredded scrap averaged at USD 338/MT in Sept'17 and moved down to USD 330/MT, CFR Nhava Sheva in Oct'17.
Country-wise India ferrous scrap imports -
| Country | Oct'17 | Sept'17 | M-o-M % Change | Oct'16 | Y-o-Y % Change | Jan-Oct'17 | Jan-Oct'16 | % Change |
| United States | 0.05 | 0.07 | -28.57% | 0.03 | +66.67% | 0.65 | 0.86 | -24.42% |
| United Arab Emirates | 0.05 | 0.07 | -28.57% | 0.06 | -16.67% | 0.55 | 0.64 | -14.06% |
| United Kingdom | 0.02 | 0.03 | -33.33% | 0.05 | -60.00% | 0.43 | 0.75 | -42.67% |
| South Africa | 0.03 | 0.03 | 0.00% | 0.01 | +200.00% | 0.23 | 0.17 | +35.29% |
| Australia | 0.01 | 0.03 | -66.67% | 0.01 | 0.00% | 0.20 | 0.24 | -16.67% |
| Others | 0.18 | 0.22 | -18.18% | 0.13 | +38.46% | 1.88 | 1.92 | -2.08% |
| Total | 0.34 | 0.45 | -24.44% | 0.29 | +17.24% | 3.94 | 4.58 | -13.97% |
Quantity In MnT,
Source: SteelMint Stats
