The US: Ferrous scrap exports increase 17% m-o-m in Oct'22

The US, largest ferrous scrap exporter worldwide, has seen a continuous increase in exports by 17% m-o-m in October 2022 against September, after a drop during July this year. The country exported a total of 1.67 million tonnes (mnt) of scrap in October as against 1.42 mnt in September.

A total of 14.41 mnt has been exported by the country in the January-October period of 2022, a decline of 5% compared to the corresponding period last year, as per Customs data.

Country-wise shipments

• Imports by India increase m-o-m: US exports to India saw a sharp recovery these were up by 37% to 297,206 t in October as compared to 216,853 t in September amid active bulk trades.
  
  
• Exports to Turkiye down m-o-m: Turkiye imported 181,138 t in October as against 215,039 t in September, a drop of 16% m-o-m. Turkiye increased its semi-finished steel imports from Russia in October but its buyers were slow in procuring imported scrap material.
  
  
• Exports to Mexico, Malaysia up: Mexico, a prominent buyer of US ferrous scrap, imported 321,736 t in October, 8% higher than 297,460 t seen last month. Similarly, Malaysia received 227,246 t in October, a rise of 50% as compared to 151,342 t in the previous month.
  
  

Outlook
US scrap prices might remain range-bound amid the approaching winter and slow scrap accumulation at yards. However, a major rebar exporting nation like Turkiye witnessed limited buying inquiries from the overseas market and this may weigh on scrap procurement prices going forward.