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 exporters||Jan-21||Dec-20||Change MoM||Jan-20||Change YoY|
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.