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.
Pellet offers for this week increased sharply in the recently concluded deals. SteelMint’s assessment stands at INR 6,900-7,000/MT (ex-Raipur, GST extra) against last week’s assessment of INR 6,600/MT. Current prices are hovering at 3-month high.
Sponge iron market seems to remain strong, as per manufacturers in central & eastern India. Rising raw material prices & active demand are likely to keep Indian sponge iron prices supported, they added.
Indian steel market remained quite subdued for the week 20 (11-18th May'19) as the prices of raw materials like Iron ore, pellet and coal have inched up a little. However, the prices of Semis & Finished long steel products slump by INR 200-900/MT (USD 3-13), as per SteelMint assessment.
SteelMint learned from industry participants that containerized scrap trades to South Asia remained limited on account of low demand and to have more clarity after the recent price hike in the global market.
SteelMint in conversation with trade sources learned that assessment for low-grade iron ore fines export from India has remained stable. SteelMint’s assessment for low grade (Fe 57/58%) iron ore fines prices have remained mostly stable at USD 57-58/MT, FoB India equivalent to USD 67-68/MT, CFR China.
In conversation with industry participants, SteelMint learned that imported scrap offers to Bangladesh have further fallen this week on the account major correction in global levels along with slow sales of domestic finished steel.