Price for Ferrous Waste and Scrap; of Stainless Steel in India - 2023

Price for Ferrous Waste and Scrap; of Stainless Steel in India (CIF) - 2023

The average import price for ferrous waste and scrap; of stainless steels stood at $1,467 per ton in November 2023, falling by -3.1% against the previous month. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in January 2023 when the average import price increased by 5.8% m-o-m. Over the period under review, average import prices reached the maximum at $1,655 per ton in April 2023; however, from May 2023 to November 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Canada ($1,756 per ton), while the price for Vietnam ($1,066 per ton) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by the UK (+0.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Ferrous Waste and Scrap; of Stainless Steel in India (FOB) - 2023

The average export price for ferrous waste and scrap; of stainless steels stood at $2,642 per ton in November 2023, declining by -29.8% against the previous month. In general, the export price recorded a mild downturn. The pace of growth was the most pronounced in April 2023 when the average export price increased by 52% against the previous month. As a result, the export price attained the peak level of $4,593 per ton. From May 2023 to November 2023, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In November 2023, the country with the highest price was Sweden ($3,989 per ton), while the average price for exports to Kenya ($935 per ton) was amongst the lowest.

From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Ferrous Waste and Scrap; of Stainless Steel in India

Imports of ferrous waste and scrap; of stainless steels into India contracted to 1.3M tons in 2022, which is down by -2.1% compared with the previous year. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 19%. As a result, imports attained the peak of 1.4M tons, and then shrank slightly in the following year.

In value terms, imports of ferrous waste and scrap; of stainless steels expanded rapidly to $2.6B in 2022. Over the period under review, imports, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2021 with an increase of 69% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are likely to continue growth in years to come.

Import of Ferrous Waste and Scrap; of Stainless Steel in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	232	159	240	293	8.1%
United Arab Emirates	160	98.8	220	249	15.9%
Singapore	104	79.2	223	212	26.8%
Malaysia	93.8	112	204	199	28.5%
Netherlands	118	85.9	147	154	9.3%
South Korea	70.2	53.4	134	113	17.2%
Vietnam	42.0	41.4	77.1	101	34.0%
Thailand	82.2	78.1	121	101	7.1%
Germany	66.6	62.2	73.7	94.5	12.4%
Canada	89.8	42.9	48.5	83.2	-2.5%
Turkey	46.9	51.8	56.1	72.3	15.5%
Belgium	37.4	37.2	66.3	71.2	23.9%
United Kingdom	61.1	38.2	50.4	69.1	4.2%
Others	426	383	572	744	20.4%
Total	1,630	1,324	2,233	2,555	16.2%

Top Suppliers of Ferrous Waste and Scrap; of Stainless Steel to India in 2022:

United States (163.6K tons)
United Arab Emirates (119.0K tons)
Singapore (103.3K tons)
Malaysia (95.9K tons)
South Korea (72.9K tons)
Netherlands (66.7K tons)
Vietnam (64.1K tons)
Thailand (56.5K tons)
Germany (44.5K tons)
Turkey (43.1K tons)
United Kingdom (39.3K tons)
Canada (39.1K tons)
Belgium (36.2K tons)

Exports of Ferrous Waste and Scrap; of Stainless Steel in India

Exports of ferrous waste and scrap; of stainless steels from India fell slightly to 2.7K tons in 2022, with a decrease of -2.6% compared with the previous year's figure. Overall, exports saw a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of 28% against the previous year.

In value terms, exports of ferrous waste and scrap; of stainless steels skyrocketed to $10M in 2022. In general, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 114% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Export of Ferrous Waste and Scrap; of Stainless Steel in India (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Sweden	5.1	2.9	6.7	9.2	21.7%
Brazil	0.7	0.4	0.7	0.4	-17.0%
United Arab Emirates	N/A	N/A	0.1	0.2	100.0%
China	N/A	N/A	N/A	0.1	0%
Thailand	0.3	N/A	N/A	N/A	0%
Bhutan	0.1	0.1	N/A	N/A	0.0%
Others	0.4	0.2	0.1	0.1	-37.0%
Total	6.5	3.6	7.6	10.1	15.8%