India has experienced a significant 26% year-on-year decline in recycled steel imports during the first half of calendar year 2024, totaling approximately 3.9 million tonnes.
This drop is attributed to various factors, including increased reliance on cost-effective domestic scrap, which has become more favorable compared to imports due to rising freight costs and logistical disruptions caused by the Red Sea crisis. Additionally, a cautious purchasing approach among Indian buyers during the election period further contributed to the decrease in imports, reflecting a broader trend of reduced demand for recycled materials in the steel industry.
Citations:
[1] https://www.seaisi.org/details/25213?type=news-rooms
[2] https://www.bigmint.co/events/future-steel/blog/indias-scrap-imports-decline-over-25-in-h1cy24-what-lies-ahead
[3] https://www.steelmint.com/nwevents/future-steel/blog/global-ferrous-scrap-trade-volumes-drop-in-h1-2024-on-macroeconomic-headwinds
[4] https://gmk.center/en/news/world-scrap-trade-decreased-by-6-y-y-in-h1-2024/
[5] https://www.freshplaza.com/north-america/article/9589547/global-market-overview-grapes/
[6] https://www.ndtvprofit.com/ipos/freshara-agro-exports-ipo-check-latest-gmp-day-three-subscription-status-and-other-key-details
[7] https://www.argusmedia.com/en/news-and-insights/latest-market-news/2620110-japan-s-chubu-eyes-exporting-co2-to-australia-for-ccs
[8] https://agriexchange.apeda.gov.in/Weekly_eReport/Grapes_Report_Updated.pdf