USA: Ferrous scrap exports increase over 15% m-o-m in October

In October 2023, the United States, the global leader in ferrous scrap exports, experienced a 16% increase in scrap exports. The total volume of scrap exports for the month amounted to 1.42 million tonnes (mnt), down from 1.22 mnt in the previous month. Additionally, when compared to October 2022, there was a 15% decline in exports, contrasting with the 1.67 mnt recorded during the same period last year.

The nation's crude steel production experienced a modest increase in October, standing at 6.83 mnt, compared to the 6.72 mnt reported in September.

Other metallics update

• The USA steel billet imports dipped by 65% m-o-m in October, 2023 to 144,702 t from 416,343 t in September, as per data released by Customs. Mexico was the major exporter with 48,560 t followed by Brazil with 39,882 t in October. However, total import volumes marginally increased by 4% y-o-y to 3.07 mnt in January-October, 2023 compared to 2.96 mnt in the year-ago period.
  
  
• Pig iron imports into the USA rose by 40% m-o-m to 351,977 t in October, 2023 compared to 251,290 t in September, 2023, as per customs data. Brazil was the major exporter with 301,226 t followed by Ukraine with 30,047 t. However, cumulative import volumes in January-October, 2023 went down by 7% y-o-y to 3.57 mnt compared to 3.82 mnt in the year-ago period.
  
  

Country-wise scrap exports

Exports to Turkiye increase by 108% m-o-m: Ferrous scrap exports from the US to Turkiye skyrocketed by 108% to 499,999 t in October from 240,265 t in the previous month. Similarly, on a y-o-y basis, exports jumped 176% as against 181,138 t seen in October 2022.

Exports to India soar by 124% m-o-m: The US exported about 295,405 t of scrap to India in October, a significant hike of 124% as against 131,585 t a month ago. However, when compared to last year, exports merely dropped by 1%, compared to 297,206 t reported in October 2022.

Exports to Taiwan up by 15% m-o-m: Scrap exports to Taiwan stood at 124,259 t, increased by 15% as against 107,982 t a month ago. On a y-o-y basis, exports witnessed an increase of 30% against 95,166 t in October 2022.

Exports to Mexico down by 16% m-o-m: Ferrous scrap exports to Mexico stood at 180,743 t in October, down by 16% as against 215,668 t a month ago. On an annualised basis too, exports witnessed a sharp drop of 44% as against 321,736 t seen in October 2022.

Outlook

Exports from the US are likely to see a positive volume change in the near term as active buying from Turkiye and other Asian countries like India, Bangladesh, South Korea, and Vietnam is happening primarily in bulk from the US due to winter re-stocking and the next phase of production.