In the first half of 2019, India surpassed South Korea to be the world’s second-largest scrap importing country.
According to the data provided by the Ministry of Commerce and Industry of India, Indian scrap import volume soared by 35% to around 3.9 million tons in the first half of 2019. As its two largest scrap suppliers, the United Arab Emirates and the United Kingdom’s scrap export volumes to India increased by 27% and 117% year on year respectively. However, the US' scrap supply to India slowed by 7% to around 300,000 tons.
Separately, South Korean scrap import volume increased by 11% only to 3.6 million tons roughly, according to South Korean customs’ data.
With the slowdown of Turkish economic growth and the sluggish demand for rebar, Turkish demand for scrap in the first half this year declined, which impacted its suppliers such as the US, the United Kingdom, Russia and Belgium.