USA, one of the major steel producers in the world, saw a decline in its ferrous scrap exports in Jul’20 after two months of successive growths. The country exported 1.21 mn t in Jul’20 down from 1.38 mn t in Jun’20 as per data maintained with SteelMint.
Likewise, ferrous scrap exports for the first seven months during Jan-Jul’20 totalled 9.45 mn t, down by 6% from 10.08 mn t in the same period last year. Due to lower scrap collection rates amid increased COVID cases, supplies tightened impacting export volumes.
Key highlights –
- US domestic scrap prices contributed a mixed attribute in monthly June settlement, when overseas buyers placed their orders for July deliveries. Steel scrap was in short supply, pushing prices higher.
- Exports to Turkey were lower by 6% to 0.37 mn t in Jul’20, compared with 0.39 mn t in Jun’20.
- Vietnam continued to remain active in booking US scrap cargoes as a preference over Japanese scrap. Deliveries to Vietnam were remained high at 0.13 mn t, up by 11% from 0.08 mn t a month before.
- Steel scrap HMS 1&2 (80:20) imported prices to Turkey rose from $250/t CNF Turkey in May’20 to 260/t CNF Turkey in Jun’20.
Quantity in mn t
Source: SteelMint stats & customs data
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