In a significant development for the Indian steel industry, the country's ferrous scrap imports witnessed a phenomenal increase, almost doubling in the first 10 months of 2023. Rising steel demand and India's need for raw materials is a major factor in this impressive growth.
Looking at the latest data, the US was the leading exporter of ferrous scrap to India with shipments of around 1.682 million tons during this period. This astonishing figure, which accounts for 19% of India's total imports, underlines the strong trade relationship between the two countries.
Great Britain came a close second, exporting 1.396 million tons of ferrous scrap to India. This accounted for 16% of total imports, demonstrating the steady flow of scrap from the UK to support India's steel industry.
Poland, known for its booming steel sector, exported 484,000 tons of ferrous scrap to India, accounting for 6% of total imports.
The United Arab Emirates and Brazil also contributed significantly to India's ferrous scrap imports. The UAE imported 376 thousand tons, accounting for 4% of total imports, while Brazil imported 328 thousand tons, accounting for 4%.
The remaining 51% of India's ferrous scrap imports in the first 10 months of 2023 were sourced from various other countries, totaling an impressive 4.392 million tons.
By importing significant quantities of ferrous scrap, India is reducing its dependence on new iron ore extraction.