India’s ferrous scrap imports declined to 4,67,470mt in February, down by 3pc compared to the low base in February 2020 and down by 17pc from January. UAE continued to be the top supplier, even as volumes dropped to 90,823mt, down by 24 pc from January and down by 8pc from the prior year. Imports from the UK and US-based suppliers dropped by 10pc and 27pc from January to 42,803mt and 41,734mt, respectively, with UK replacing US as the second-largest scrap exporter to India in February.
|India Ferrous Scrap Import February 21|
|Unit: mn mt||Feb-21||Jan-21||Change MoM||Feb-20||Change YoY|
Slow scrap generation and strong domestic scrap demand boosted supplier sentiments in the US and UK, while competition with buyers from Pakistan and Bangladesh lowered import volumes from the UAE. Also, scrap suppliers struggled with the shortage of empty containers at export destination, while importers rued higher freight charges that raised the landed cost of ferrous scrap. Many trades were refused amid a severe shortage of containers on sea routes from the US to Asia.