Scrapped Ships Imports to India Hit 6 Year Low in FY19
India, one of the world's largest ship recycler has imported about 1,740,000 LDT of ship breaking scrap in FY19, which is lowest since the year of 2014, as per data maintained by SteelMint.
Further as per data it is observed that the India's ship breaking scrap imports declined by 28.39% in FY19 as against 2,430,000 LDT in FY18 which includes dry as well as wet containers.
Surge in imported scrap offers and sufficient availability of Ship breaking/Ferrous scrap have led to fall in number of ships which was coming for demolition in Alang, western India. However, Bangladesh remained the top buyer for ship breaking scrap in this duration owing to rising steel capacities in the nation, which is on developing stage.
During FY19, the average price of imported containers to India stood at USD 442/LT which was increased from USD 392/LT (FY18). Inline for tankers it was at USD 401/LT in FY18 & USD 431/LT in FY19. Prices are CNF India basis. Currently, ship breaking prices are hovering at USD 430/LT for Dry Bulk, USD 450/LT for containers & USD 440/LT for tankers.
The total number of ships demolished in India, Bangladesh & Pakistan was marked at 522 in FY19, in which India demolished around 214 number of ships in FY19 (Apr'18-Mar'19), declined by 39 ships as against FY18. However in FY17 it was stood at 259 ships & in FY16 the number of ship was at 249.
With less strict environmental laws, India is a favourite destination to send ships from all over the world.
In India, steel production through the ship breaking scrap made is about 2%, while remaining is through the imported scrap & from the DRI route.
source: SteelMint
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