US ferrous scrap exports up 19% in Oct'21 on improved buying from Vietnam

The USA, the world's largest ferrous scrap supplier, saw a significant 19% m-o-m rise in exports of the material to 1.46 million tonnes (mn t) in Oct'21 as against 1.23 mn t in Sep'21, as per customs data compiled by SteelMint.

Turkey was the top importer with 0.29 mn t, followed by Mexico and Vietnam with 0.18 mn t and 0.15 mn t, respectively.

On a y-o-y basis, total export volumes from USA were marginally down by 1% from 1.47 mn t in Oct'20.

Market highlights

• Turkish buyers actively procured scrap: Turkey, the largest seaborne consumer of scrap, remained the top importer, procuring 0.29 mn t of the material from USA in Oct'21. The volumes remained high as mills turned active in booking deep-sea cargoes on rising interest owing to robust demand for billets which supported booking of scrap.
  
  
• Exports to Vietnam rebound: Vietnamese mills imported 0.15 mn t of scrap in Oct'21 as against 0.02 mn t in Sep'21, the volumes surging 650% m-o-m. Import volumes into Vietnam surged due to improved demand, and recovery in buying inquiries with easing of lockdown measures that resulted in the resumption of construction activities.
  
  
• Fall in shipments for Bangladesh: Bangladesh, one of the major buyers of US ferrous scrap, imported 0.07 mn t in Oct'21 compared to 0.13 mn t in the preceding month, a drop of 46% m-o-m. Limited offers from USA and preference for EU bulk cargoes on price competitiveness limited shipments.
  
  
• Ferrous scrap prices down in Sep'21: SteelMint's assessment of US-origin HMS 1&2 (80:20) stood at $442/t CFR Turkey in September, down $10-15/t from $455/t CFR Turkey in August. Imported scrap offers varied throughout the month but decreased towards end-Sept'21.