USA: Ferrous scrap exports plunge by 37% in September on lower scrap generation

The USA- the world's largest ferrous scrap supplier marked a sharp decline in exports in Sep'20. Exports stood at 1.16 mn t in Sep'20, lower by 37% from 1.84 mn t in Aug'20, as per customs data maintained with SteelMint.

Meanwhile, on a quarterly basis, the country exported 4.22 mn t in Q3 CY'20, down by 8% y-o-y as against 4.57 mn t in Q3 CY'19. Turkey and Malaysia remained the largest importers at 0.19 mn t followed by Bangladesh at 0.17 mn t in Sep'20.

Key market highlights -

• Due to lower scrap collection rates amid increased COVID cases, supplies remained tight impacting export volumes
  
  
• Scrap demand in August was in power by rallying Turkish ferrous scrap market that saw import prices HMS 1&2 (80:20) imported prices to Turkey rose $30/t from $265/t CNF Turkey in Jul'20 to $285/t CNF Turkey in Aug'20
  
  
• The USA produced 5.7 mn t of crude steel in Sep'20, down by 19% y-o-y, according to data released by WSA
  
  

Quantity in mn t
Source: SteelMint stats & customs data