USA: Ferrous scrap exports drop 25%, m-o-m, in July

The USA, the world's largest ferrous scrap exporter, has recorded a decline in exports by 25% m-o-m in July 2022. The country exported a total of 1.23 million tonnes (mnt) in July as against 1.63 mnt last month.

Likewise, on y-o-y basis, exports decreased by 11% from 1.38 mnt in July 2021, as per customs data.

Country-wise breakup

• Exports to Bangladesh increase: Bangladesh imported 232,181 t in July against 218,362 t in June, up 6% m-o-m. The imported scrap market in Bangladesh has regained momentum after the Eid holidays. Imports increased as mills needed to replenish material amid suitable bulk prices from the country.
  
  
• Shipments to Mexico dip: Mexico, a prominent buyer of US ferrous scrap, saw imports from the USA falling by 60% to 219,199 t in July compared to 534,905 t last month.
  
  
• Exports to Turkiye drop: Turkiye, a major buyer of bulk ferrous scrap, imported 145,985 t in July as against 383,702 t last month, dropping 62% m-o-m. The negotiation process remained slow for imported scrap due to weak demand coupled with volatility in the national currency.
  
  

Outlook
Major buyers might resume restocking material for the upcoming construction season and lower bulk prices compared to other regions.