Scrap & Recycling
SteelMint learned from recycling industry sources that non-compliance of Hazardous Waste Management Rules 2016 is crafting problems for Indian scrap industry participants while getting their scrap materials cleared from Nhava Sheva customs in Mumbai.
It is being observed that many of the participants are facing issues in the clearance of cargoes at Nhava Sheva (JNPT) port as they haven’t filed their annual returns under form 4 of the Hazardous Waste Management Rules 2016.
In response to this, Material Recycling Association of India, the apex body representing country’s recycling industry has recently appealed to its members, especially those working under Mumbai region that they must complete their compliance on or before time by filing the annual returns under Form 4 of the aforesaid rules.
MRAI has also requested to members to get their annual returns duly filed and get the acknowledgment of the same from your respective State Pollution Control Board (SPCB), failing which customs will not clear material and heavy detention demurrage will be levied by shipping lines.
Indian ferrous scrap imports have shown considerable growth in the last financial year as the country imported 5.17 MnT in eleven months of FY19 (Apr to Feb) as compared to 4.16 MnT ferrous scrap during the same period of FY18, showing a growth of 25% Y-o-Y. It is expected that ferrous scrap imports in FY19 to reach 5.5 MnT mark as against 4.53 MnT recorded in FY18.
Steel Authority of India Ltd (SAIL) has reduced basic grade (steel grade) pig iron offers by around INR 700/MT (USD 10) from its Bhilai Steel Plant (BSP) based in Central India, SteelMint learned from market sources.
Indian iron ore export volumes for July’19 stood at 2.13 MnT, up 19% as against 1.79 MnT in June’19. On yearly basis, exports increased significantly compared to July’18 at 0.17 MnT.
Indian rebar prices of medium and small scale mills hit nearly 2 years low amid constant downfall over dull demand amid heavy monsoon season which has put construction activities on hold. As per SteelMint's assessment the prices slumped by INR 500-1,500/MT (USD 7-21) W-o-W.
After observing deals in past few weeks, this week left the Iranian billet market sentiments softened. SteelMint’s current Iran’s billet export assessment stands at USD 385-390/MT, FoB, down by USD 5/MT against last week’s assessment of USD 390-395/MT, FoB.
India’s steel giant - Tata Steel announced Q1 FY20 results yesterday. SteelMint attended the analyst/investor conference call and the highlights are mentioned below.
Indian iron ore imports in July’19 have been recorded at 51,470 MT, according to the data maintained by SteelMint. Indian iron ore imports witnessed 28% decline for the month compared to 71,865 MT in June’19. The imports have dropped amid high global prices. Imports for the month recorded 5 years low as the levels were last witnessed in June’14 at 45,487 MT.