India’s Fe scrap imports rose by 3c in November to 512,285mt from a year ago amid recovery in domestic steel demand. In Jan-Nov, India imported 4.813mn mt scrap, down by 27pc from the prior period.
UAE was the top exporter with 100,665mt, followed by the UK with exports of 83,189mt in November. Imports from UAE rose by 7pc from a year ago, but were up 23pc from the prior month, while imports from the UK increased by 61pc from a year ago and up by 72pc from October. Pent-up steel demand amid Diwali festival in November drove ferrous scrap imports up by 7pc from December. Mills and traders bought scrap to refill inventories ahead of winter break in leading supplier countries.
Longer transits periods made imports from the US less favorable in November compared to UAE, resulting in a 15.8pc decline of imports from a year ago. Disruption of global trade due to the COVID-19 pandemic further delayed deliveries from the US amid a shortage of empty containers and congestion in the Asian sea-routes.
|India’s ferrous scrap imports in November (mt)|
|Top exporters||Nov-20||Oct-20||Change MoM||Nov-19||Change YoY|
In the Jan-Nov 2020 period, the impact of the pandemic is reflected by the 27pc decline in ferrous scrap imports from the prior period. Imports from UAE and UK fell by 35pc each to 699,059mt and 533,402mt in Jan-Nov period, while import from the US fell by 13pc to 189,044mt. Scrap imports from Brazil, Malaysia and Australia rose by 98pc, 24pc and 11pc, respectively, to 189,043mt, 172,316mt and 220,473mt, respectively, as Indian importers sought alternative sources amid high offers from Western countries.