South African scrap export has fallen in Feb’17. The total exports From Feb’16 to Feb’17 show that the exports have been down by a considerably high margin.
According to the Data given by South African Customs, South Africa exported 37,983 MT of ferrous scrap during the month of Feb’17 down by 17% when compared to the month earlier. The country had exported 45,588 MT in Jan’17. The exports have fallen Y-o-Y by 24%, it were 49,928 MT for Feb’16 against 37,983 MT in Feb’17.
The largest importer to South Africa for Feb’17 was Pakistan accounting nearly 49% of the total exports done by South Africa for the month of Feb’17.
M-o-M reduction in exports in Feb’17 can be related to increased global scrap prices and imports of India being reduced almost by 47%.
The Y-o-Y decrease can be majorly said that the policy made in South Africa stating that firstly the domestic market demand would be taken care of and the rest available scrap can be exported.
The prevailing trends suggest that the exports for the month of March and coming months can be down if the prices do not show correction as the buyers globally are not willing to do trade in these high level of prices.
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