UTC+8 ( BJT)

The US: Ferrous scrap exports down 6% in H1CY'22

ABSTRACT

The US, the world's largest ferrous scrap exporter, saw volumes dropping in H1CY22.The country exported a total of 8.72 million tonnes (mnt) in H1 as against 9.27 mnt in H1 CY21 accounted for a 6% y-o-y fall.
  Bookings remained on the lower side due to limited buying interest and buyers opted to wait a little longer for a clearer price direction to emerge.   Meanwhile, exports in Q2 (April-June) of 2022 were at 4.85 mnt, up 25% from 3.88 mnt in Q1CY22.   Similarly, exports by the US inched up by 4% m-o-m to 1.63 mnt in June 2022 against 1.57 mnt in May, as per SteelMint data.   Country-wise break-up   Mexico leading importer: Mexico, a major buyer of US ferrous scrap, retained its top position. Mexico increased its imports by 21% at 1.98 mnt in H1CY22 compared to 1.64 mnt in H1CY21. On a m-o-m basis, the country witnessed a 71% hike at 0.53 mnt as compared to 0.31 mnt in May. Exports to Turkiye increase: Turkiye, a major buyer of US bulk ferrous scrap, witnessed a 23% rise in imports in H1 basis at 1.97 mnt against 1.6 mnt in H1 of last year. Similarly, on an m-o-m basis, it recorded a two-fold hike in US ferrous scrap imports at 0.38 mnt in June as against 0.19 mnt last month. Higher steel demand and shortage of domestic material fuelled the imported ferrous scrap trade significantly. Exports to Bangladesh up: Bangladesh, a major US ferrous scrap importer, witnessed a 45% rise in imports in H1CY22 at 0.9 mnt as against 0.62 mnt in H1 of last year. Similarly, the country imported 0.22 mnt in June, up 47% as against 0.15 mnt in May. Bangladesh witnessed a rise as freight rates of bulk material from the US were low.   Outlook Major players feel bookings will remain low in the coming weeks due to holidays in Muslim countries like Turkiye and Bangladesh. Meanwhile, the monsoon may keep demand dull for some key importers of US materials.

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