The USA, the world’s largest ferrous scrap exporter, has witnessed an increase in exports by 11% m-o-m in August 2022. The country exported a total of 1.37 million tonnes (mnt) of scrap in August as against 1.23 mnt last month. A total of 11.3 mnt has been exported by the country in the first eight months of 2022, a decrease of 9% compared to the corresponding period last year, as per customs data.
Country-wise shipments
- Exports to Turkiye up sharply: Turkiye imported 339,300 t in August as against 145,985 t in July, an exponential rise of 127% m-o-m. The imported scrap market in Turkiye regained momentum as continuous booking by Turkish buyers took place for US-origin scrap at suitable prices.
- Shipments to India surge: Indian imports from the USA saw unbelievable growth for the first time this year, recording a 216% hike m-o-m to 255,857 t in August compared to just 81,044 t last month.
Continuous bulk bookings by Indian buyers due to cost-competitiveness over other origins boosted India’s import volumes.
- Exports to Mexico and Bangladesh down: Mexico, a major buyer of USA ferrous scrap, imported 151,009 t in August as against 219,199 t last month, a decrease of 31% m-o-m. Bangladesh bought 192,561 t, down 17% m-o-m. Buyers remained largely uninterested due to weak demand for finished steel.
Outlook
Major buyers from Asia might be partially active or might move to the sideline as the primary consumers due to currency depreciation. Meanwhile, to restock material for the upcoming construction season, some buyers might book in advance.
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