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Import of steel scrap in India plunges by 25%

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by - 10/4/2012 8567 Views

A brief report on the tilting visage of Steel scraps market

 

Known to be the world leader in the production of steel with major steel producing players of the Industry, the import of steel scrap has dropped by 25% in comparison to the imports recorded in the last fiscal year due to several facts discussed here.
 
 
Making an import of 45 lakh tons of steel scrap in the financial year 2011 – 2012, it is now forecasted that the total Indian import of steel scrap for 2012 -2013 would station at 35 lakh tons. Inflation, rise in loan interest rates and the most importantly reducing rupee value against US dollars that are the major factors that have utterly smacked the import of steel scrap in India.
 
 
 
 
Talking about the dollar value, I would say that this factor has played key role in the steel import affair by reducing the rupee value and apparently increasing the import cost forcing the steel mills to impede their regular import. Together with the all these factors, the 5% import duty has also not failed to play its role in the fall of steel scrap import. 
 
Indian steel scrap imports are from major countries like United States, England, United Arab Emirates, South Africa and Germany. Conversely, China and other western countries have strongly detained their positions as the major steel scrap recycling countries.
 
The cost of steel scrap per ton is now estimated to be $490. “If the dollar value continues to escalate, there is no qualm that the steel scrap prices too will experience substantial hike in the coming days” is the anticipated view of the major steel mills and traders of the industry.

Category : Metal

Tags : HMS 1&2, Steel scrap, Metal scrap import


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About Sangeetha Pillai

Stepping into this world on 24th August, I am the younger daughter of my parents.  I did my schooling at Sacred Heart Convent High School in Hubli (Karnataka). In a perplexity of deciding my higher studies I finally consoled my mind to go with Civil Engineering. Although my ac .... more info

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