Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s ferrous scrap imports declined to 566,349mt in January, down by 6pc from a year ago and down by 7pc from December 2020. UAE continued to be the top supplier with exports of 118,894mt, up by 31pc from a year ago amid high offers from the US and UK-based exporters. While exports from the US and UK dropped to 57,349mt and 47,595mt in January, down by 48pc and 23pc, respectively, from the prior year.  


Slow scrap generation and strong domestic scrap demand kept offers from the US and UK at levels unworkable for most Indian buyers. Even if bids matched offers, exporters in the US had difficulty securing empty containers from shipping lines. Many trades were refused amid a severe shortage of containers and tight vessel space on sea routes from the US to Asia. 


India’s ferrous scrap imports in January
Top exportersJan-21Dec-20Change MoMJan-20Change YoY
UAE          118,894            121,062 -2%              90,863 31%
US              57,349                59,535 -4%          110,367 -48%
UK              47,595                44,966 6%              62,203 -23%
Singapore              42,684                44,572 -4%              30,498 40%
Australia              23,352                18,492 26%              27,035 -14%
Canada              20,463                21,158 -3%              14,992 36%
New Zealand              15,392                14,788 4%                9,012 71%
Malaysia              15,144                17,155 -12%              18,254 -17%
Poland              13,044                10,289 27%                6,925 88%
Others          212,431            256,363 -17%          233,723 -9%
Total          566,349            608,380 -7%          603,873 -6%


As usual, the shorter transit time between the UAE and the sub-continental favored suppliers in the region. Also, a short supply of domestic ferrous scrap in the Indian markets kept price attractive for exporters in UAE.


Higher offers from the US and Japan forced Indian buyers to trades from other destinations. Compared to December, imports from the UK improved by 6pc, while imports from Australia were up by 26pc at 23,352mt. Imports from Singapore rose by 40pc from a year ago to 42,684mt, while imports from Malaysia dropped by 17pc to 15,144mt from a year ago. 

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