India’s ferrous scrap imports decreased to 382,645mt in May, down by 50pc from the prior year. according to the customs data.
Indian buyers were reluctant to book any materials due to weak domestic steel demand in May. Scrap imports dropped to 7pc and stood at 410,633mt from April.
In India, new COVID-19 infections with Delta variant peaked in May leading many states to impose stringent restrictions. Vaccination drives had slowed due to a shortage of doses. Cyclone Tauke also disrupted economic activities along the coastal regions.
UAE remained the top scrap supplier to India with volumes of 124,626mt, followed by the US and Singapore with exports of 31,690mt and 25,263 mt, respectively, in May.
Non-availability of containers and logistical challenges kept most mills away from UK and US-origin HMS offers. Beside, domestic ferrous scrap trades were impacted by monsoon and Eid festivities.
| India’s ferrous scrap imports in May | |||||
|---|---|---|---|---|---|
| Exporters | May 2021 | April 2021 | Change MoM | May 2021 | Change YoY |
| UAE | 1,24,626 | 1,32,728 | -6% | 58,788 | 112% |
| US | 31,690 | 28,308 | 12% | 81,960 | -61% |
| Singapore | 25,263 | 26,767 | -6% | 45,022 | -44% |
| UK | 23,358 | 17,453 | 34% | 1,18,495 | -80% |
| Kuwait | 14,989 | 13,251 | 13% | 8,011 | 87% |