India’s ferrous scrap imports stood at 608,380mt in December, up by 26pc from a year ago and up by 19pc from the prior month, according to customs data. Indian mills increased imports of scrap on robust domestic steel demand and rising steel prices.
Imports from UAE rose to 121,061mt, up by 68pc from a year ago, while up by 20pc from November as UAE-based yards offered competitive-prices compared to other suppliers. Mills preferred suppliers in UAE to avoid vessel delays, short supply of containers faced my yards in the US and UK, besides high offers on tight supply of scrap.
UAE was the top exporter of scrap to India, followed by the US, UK and Singapore with 59,535mt, 44,966mt and 44,572mt, respectively.
Exports from Brazil and Canada increased in December, while exports from South Africa continued to decline due to ban on Fe scrap export.
|India’s ferrous scrap import in December|
|Country||Dec-20||Nov-20||Change MoM||Dec-19||Change YoY|
In 2020, India’s imports of ferrous scrap declined to 5.4mn mt, down by 23pc from a year ago amid supply and demand disruptions caused by the COVID-19 pandemic. Steel demand was suppressed in March and April amid the pandemic-related lockdowns due to which producers cut capacity. Steel demand and capacity slowly recovered in the second half of the year driving ferrous scrap imports in October, November and December.