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Indian Sub-continent

Global ferrous scrap markets have been range-bound for the last four to six weeks but have started showing signs of finishing the year on a high. With strong demand for scrap from South East Asia, prices are continuing to tick upwards and the markets are expected to remain firm for the rest of 2021. However, ferrous scrap imports into India are down around 40% from last year owing to consumption of locally available raw materials instead of imported scrap.

With various reports coming from China about new restrictions and production cuts on metals, other Asian markets such as India and Vietnam have taken advantage and exported large quantities of billets to the Chinese market. Indian mills have benefited the most and are currently selling billets to China for December delivery.

For scrap shipments, vessels for bulk cargoes and container availability continue to be a concern. Freight rates have plateaued or fallen slightly but are still around historic highs. Challenges on the supply side of the logistics chain are expected to continue into the first quarter of 2022.

Zain Nathani

Nathani Group of Companies (IND), Vice-President of the BIR Ferrous Division


Country
India


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