By Paul Ploumis 18 Aug 2015 Last updated at 03:38:23 GMT
India's scrap imports jumped higher by over 4% to 604,000 tons during the month of May this year.
NEW DELHI (Scrap Monster): The scrap imports by India during the month of May this year increased sharply when compared with the previous month. The cumulative imports during the initial five-month period too were up year-on-year.
According to trade data, India’s scrap imports totaled 604,000 tons in May ‘15. This is higher by 4.2% when compared with the imports during the month before. The country’s scrap imports had totaled 580,000 tons during April this year.
During May ‘15, the US was the main exporter of scrap to India. The scrap imports from the US totaled 103,000 tons, accounting for nearly 17% of the total imports by India during the month. The scrap imports from the US during May this year surged higher by 374% when compared with the same month in previous year.
The second largest source of scrap imports by India was the UK. The scrap imports from the UK during the month totaled 84,000 tons, up by over 11.5% when compared with the previous year. The scrap imports from the UK constituted nearly 14% of the total Indian imports during May ‘15.
South Africa was the third largest ferrous scrap exporter to India during the month. The scrap imports from the country dropped significantly by 16.10% during the month. South Africa exported 81,000 tons of scrap into India during May ‘15.
The cumulative scrap imports by the country during the initial five-month period of the year totaled 2.63 million tons, significantly higher by 36.8% when compared with the imports during the corresponding period last year.
The annual scrap imports by the country during entire 2015 are projected at around 6.30 million tons.