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Kallanish Kallanish

Knowledge matters Knowledge matters

November, 28th 2020

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JUN 17
15:41

India sources more European scrap, Australian iron ore

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Indian imports of ferrous scrap under HS code 7204 surged 54% on-year in March to 683,941 tonnes, Kallanish learns from Indian commerce ministry data. Their average value was $484/tonne versus $523/t in March 2018.

This came as United Arab Emirates supplied 31% more at 139,745t, while intake from the UK surged over 3.5-fold to 113,279t. Intake from Singapore also surged, by 154% to 48,414t. Procurement rose considerably from Australia, Belgium, the Netherlands, Canada and Germany.

The surge in scrap imports came despite Indian crude steel output declining -1% on-year in March to 9.4 million tonnes.

Indian imports of iron ore under HS code 2601, however, dropped -87% in March to 168,410t. South Africa virtually supplied the entirety, albeit down -59% on-year, and Australia provided zero versus over 400,000t last year.

Indian scrap imports in the fiscal year through March 2019 thus grew 27% on-year to 6.88mt. Their average price was $123/t versus $68/t a year earlier.

UAE, UK and the US were the top three suppliers, providing 1.25mt, 869,574t and 717,645t respectively, up 48%, up 84% and up 4%. Intake also rose from Singapore, South Africa and the Netherlands, but fell from Australia and Malaysia. Notably, supply from Germany doubled to 129,339t, but Hong Kong supplied only 75,755t versus over 200,000t a year earlier.

Fiscal-year iron ore imports surged 47% to 12.8mt, with Australia raising supply 152% to 7.22mt, but supply from South Africa and Brazil declining -3% and -14% respectively to 2.65mt and 1.87mt.