Author: Paul Ploumis
27 May 2015 Last updated at 06:31:59 GMT
NEW DELHI (Scrap Monster): The scrap imports by India during the initial two months of the year increased sharply when compared with the previous year.
According to trade data, India imported around 1 million tons of scrap during the period from January to February this year. This is significantly higher by 60.8% when compared with the imports of 625,000 tons during the corresponding two-month period a year before.
During the two-month period, the UAE was the main exporter of scrap to India. The scrap imports from the UAE totaled 160,000 tons, accounting for nearly one-fifth of the total imports by India during the period. The scrap imports from the UAE during Jan-Feb 2015 were down by 9.8% when compared with the previous year.
The second largest source of scrap imports by India was the UK. The scrap imports from the UK during the two-month period totaled 138,000 tons, up by over 13.80% when compared with the previous year. The scrap imports from the UK constituted nearly 14% of the total Indian imports during the two-month period.
South Africa was the third largest ferrous scrap exporter to India during the initial two-month period of the year. The scrap imports from the country sky rocketed by 95.4% during the period. South Africa exported 136,000 tons of scrap into India during January to February this year.
The annual scrap imports by the country during 2015 are projected at around 6 million tons.