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USA: Ferrous scrap exports rise over 25% m-o-m in May'24

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Melting Scrap

BigMint Bureau

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10 Jul 2024, 18:28 IST

USA: Ferrous scrap exports rise over 25% m-o-m in May'24

In May'24, USA saw a significant increase in ferrous scrap exports, rising 27% which is 1.50 million tonnes (mnt) up from 1.18 mnt in Apr'24. Compared with May'23, exports dropped by 23% which was a around 1.94 mnt in previous year.

Over the first five months of CY'24, total scrap exports declined by 5% y-o-y to 5.98 mnt as compared to 6.28 mnt in Jan-May'23.

Country-wise exports

Exports to Turkiye: In May, ferrous scrap exports from the USA to Turkiye decreased by 17% m-o-m, falling to 0.38 mnt from 0.46 mnt in April. However, exports saw a significant increase of 59% y-o-y from the 0.24 mnt recorded in May 2023.

For the first five months of 2024, scrap exports rose by 15%, reaching 1.78 mnt compared to 1.55 mnt during the same period last year. According to BigMint's vessel line-up data for bulk scrap, the volume exceeded 1 lakh t in the second half of May.

In May, Turkish mills' scrap imports remained lower due to a slowdown in domestic and export sales of rebars, which impacted their scrap consumption. Additionally, higher offers from the US, coupled with rising freight costs and lower scrap collection, led buyers to resist booking significant volumes.

Exports to India: Ferrous scrap exports from the USA to India surged by over 200% m-o-m, rising from 0.06 mnt to 1.86 mnt. Additionally, exports increased by more than 105% y-o-y, compared to 0.09 mnt in May 2023.

For the first five months of 2024, exports saw a slight increase of 2%, reaching 0.428 mnt compared to 0.421 mnt during the same period last year.

Scrap exports from the US saw a significant increase, driven by stronger demand from India. In April, steel mills in India booked multiple bulk scrap vessels from the US west coast, attracted by competitive prices and the expectation of heightened steel demand following the elections, which ultimately drove up import volumes in May.

Exports to Bangladesh: Exports in Bangladesh surged by 131% m-o-m in May as compared to 0.08 mnt in April 2024.On a y-o-y basis, export volumes rose by 18% from 0.16 mnt as compared to May 2023. Over the first five months, scrap exports increased by 19% from 0.67 mnt as compared to 0.56 mnt in Jan-May 2023.

Exports to Mexico: Ferrous scrap exports from USA increased by 53% m-o-m from 0.21 mnt to 0.14 mnt as compared to April. On a y-o-y basis, ferrous scrap exports decreased by 73% from 0.81 mnt recorded in May 2023. For the first five months, exports dropped by 45% from 1.01 mnt as compared to 1.84 mnt in same period previous year.