US: Ferrous scrap exports drop nearly 3% y-o-y in CY'22

The US, the top ferrous scrap exporter in the world, witnessed a notable decrease in exports by 3% y-o-y in CY'22. The country exported a total of 1.48 million tonnes (mnt) of scrap in December as against 1.20 mnt in November.

Interestingly, exports to Turkiye surged by 81% to 331,492 t in December 2022 as against 183,109 t in November. Scrap export volumes also declined due to lower imports by Malaysian, Vietnamese and Taiwanese buyers compared to the corresponding period of last year.

Country-wise shipments

• Exports to Turkiye slightly down: Import volumes received by Turkiye in CY'22 fell by 3% to 3.37 mnt as against CY'21. Sluggish steel demand in the domestic and overseas markets kept Turkish scrap buyers away from the import market for some time.
  
  
• Mexico new top importer: Mexico, a leading buyer of US ferrous, scrap received 3.39 mnt of scrap in CY'22 compared to 3.10 mnt in CY'21. The country imported 0.24 mnt in December, up 33% compared to 0.18 mnt in November.
  
  
• Vietnam's imports fall: US exports To Vietnam stood at 0.87 mnt to Vietnam in CY'22, a significant drop of 40% compared to 1.44 mnt in CY'21. However, volumes rose by 57% to 75,413 t in December as against 47,952 t in November.
  
  

Outlook
US scrap export prices may remain elevated in the coming months as leading importers such as Mexico, India, and Turkiye look to hold some more stocks for the near future.