India maintains consistency on scrap imports; quantity reported above 500,000 MT in May.
Scrap imports to India in May’15 summed up to around 522,000 MT, which was around 516,000 MT in Apr’15; records an increase of 1%.
SteelMint assessed that the consistency in scrap import was due to continued bulk booking of mixed scrap (HMS & shredded) at lower offers during Mar-Apr’15.
Offers during those months for imported scrap (HMS 80:20/1&2) were at USD 270-275/MT, CFR India, which further raised to USD 280-285/MT by May. Currently, offers for HMS dropped to USD 260/MT & 270/MT from Middle East & Europe respectively.
US continued to be the highest exporter to India this May, followed by South Africa and UK. Similarly, Chennai remained the highest scrap importing port, followed by Ludhiana ICD and JNPT.
Few major bookings of shredded & HMS were recorded in ports like Chennai, Kandla, JNPT and Ludhiana from countries like UK, US, UAE and South Africa. The deals for these shipments were recorded at USD 275-285/MT, CFR India.