US: Ferrous scrap exports up 7% m-o-m in Mar'23

The US saw a 7% m-o-m hike in ferrous scrap exports in March 2023.

The country, which is the top ferrous scrap exporter in the world, saw a continuous increment in its export volume since February 2023. The country exported a total of 1.44 million tonnes (mnt) of scrap in March against 1.35 mnt in February.

However, US scrap export prices increased in February 2023 to $429/t CNF Turkiye, followed by $462/t Hai Phong Port, Vietnam.

Turkish mills actively procured in March as well. Turkiye's billet imports also remained high in March 2023, while exports were less m-o-m which indicates its requirement of scrap from various sources to fulfill the after-quake reconstruction process.

Scrap imports

The US ferrous scrap import volumes increased by 23% m-o-m to 0.49 mnt in March 2023 compared to 0.40 mnt in February 2023. Canada remained the highest exporter at 0.34 mnt.

Billet imports

Billet imports into the US increased by 43% m-o-m to 0.43 mnt in March 2023 from 0.3 mnt in February 2023, as per data recently released by Customs. Brazil was the top exporter at 0.33 mnt followed by Mexico at 0.05 mnt.

Crude steel production by the US increased by 12% m-o-m in March from 6 mnt in the previous month.

Country-wise shipments

Turkiye top importer, Mexico imports more: Turkiye received 350,648 t of US scrap in March 2023 compared to 382,644 t in February 2023, a drop of 8% m-o-m. US exports to Mexico increased 18% m-o-m to 245,045 t in March as against 207,720 t in February.

Exports to Vietnam, Bangladesh up m-o-m: The US exported 219,174 t of ferrous scrap to Vietnam in March, a hike of 9% m-o-m compared to 201,469 t in February 2023. Bangladesh imported 155,515 t in March which is 57% m-o-m more than in February. Buyers prefer US and Australian materials as compared to other destinations due to better quality.