US: Ferrous scrap exports rise 48% m-o-m in May as prices drop

The US saw a significant 48% m-o-m increase in ferrous scrap exports during May 2023. The top exporter of ferrous scrap in the world saw a continuous increase in its export volumes since February. The country exported a total of 1.95 million tonnes (mnt) of scrap in May against 1.32 mnt in April. Moreover, this is the second-highest export volume by the country since May 2021 which was 2.01 mnt.

However, the US scrap export prices declined in April to $428/t CNF Turkiye, followed by $426/t Hai Phong Port, Vietnam. Scrap imports The US's ferrous scrap import volumes decreased by 11% m-o-m to 0.42 mnt in May compared to 0.47 mnt in March. Canada remained the highest exporter at 0.32 mnt. Billet