US: Ferrous scrap exports rise 48% m-o-m in May'23 as prices drop

The US saw a significant 48% m-o-m increase in ferrous scrap exports during May 2023. The top exporter of ferrous scrap in the world saw a continuous increase in its export volumes since February. The country exported a total of 1.95 million tonnes (mnt) of scrap in May against 1.32 mnt in April. Moreover, this is the second-highest export volume by the country since May 2021 which was 2.01 mnt.

However, the US scrap export prices declined in April to $428/t CNF Turkiye, followed by $426/t Hai Phong Port, Vietnam.

Scrap imports

The US's ferrous scrap import volumes decreased by 11% m-o-m to 0.42 mnt in May compared to 0.47 mnt in March. Canada remained the highest exporter at 0.32 mnt.

Billet and pig iron imports

US steel billet imports rose by 5% m-o-m to 237,056 tonnes (t) in May as against 224,915 t in April, as per Customs data. Brazil was the largest exporter with 127,492 t followed by Canada with 49,744 t and Australia with 28,976 t. Pig iron imports into the US also increased by 5% m-o-m to 390,306 t in May from 372,219 t in April. Brazil was the top exporter at 233,534 t followed by Ukraine at 123,953 t.

Crude steel production by the US increased by 5% m-o-m in May to 6.9 mnt from 6.6 mnt in the previous month.

Country-wise US scrap export shipments

Exports to Canada rise nearly 200% m-o-m: Canada received 819,376 t of US scrap in May compared to 274,199 t in April, a significant increase of 199% m-o-m. This was followed by Bangladesh which imported 167,926 t of scrap with a 59% m-o-m hike as compared to 105,887 t in April.

Exports to Peru and India increase m-o-m: The US exported 106,828 t of ferrous scrap to Peru in May, a 120% rise m-o-m compared to 48,662 t in April. Similarly, India imported 90,406 t in May which is a 26% rise m-o-m from 71,620 t seen in April.