Posted on 25 Jan 2022
Owing to diminishing steel demand in the domestic and global markets, Indian ferrous scrap imports plunged 19.8% on-year to 410,855 tonnes in November, against 512,284t a year earlier. Indian scrap imports also plunged 3.54% on-year in April-November to 3.22 million tonnes, according to Indian commerce ministry provisional data.
United Arab Emirates and the US were by far the largest suppliers to India in November. Imports from UAE grew 5.55% to 106,251t but from the USA dropped 15.42% to 35,405t. Other major suppliers included Singapore (19,938t), the UK (15,455t), Brazil (15,001t), Yemen (13,709t), the Netherlands (13,492t) and Malaysia (13,036t).
India imported 250,169t of “other” steel scrap under HS code 72044900, followed by 133,827t of stainless scrap. Other major categories imported include 9,998t of other alloy steel scrap, followed by cast iron scrap (9,634t), turnings scrap (6,964t), and remelting ingot scrap (263t).
Kallanish assessed UK-origin and US-origin shredded scrap offers last week at $540-545/tonne cfr Nhava Sheva. Offers for UAE-origin HMS 1&2 80:20 are noted at $475-480/t.
The Indian commerce ministry has removed the requirement for a pre-shipment inspection certificate (PSIC) on metallic scrap imports from the USA, UK, Canada, New Zealand, Australia and the EU (see Kallanish passim). The exemption, however, is applicable only if the consignments are cleared through Chennai, Tuticorin, Kandla, JNPT, Mumbai, Krishnapatnam, Mundra, Kuttapalli, Hazira or Kamarajar.
The ministry has also instructed to prohibit trans-shipments through countries/regions. Imports through the remaining eight ports of India, irrespective of country of origin, will be subject to PSIC.
Source:Kallanish
