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US Scrap Exports Surged 21% in H1 2017
Date: 12/09/2017

The latest trade statistics published by the US Census Bureau and International Trade Commission suggests significant jump in ferrous scrap exports by the country during the initial half-yearly period in 2017. The surge in exports to other destinations was partially offset by declines in Turkey and India. The US Ferrous scrap exports totaled 6.178 million tonnes during the opening six months of the current year, significantly higher by 20.5% when compared with the corresponding period last year. The country had exported only 5.127 million tonnes during Jan-June ’16. The exports to Vietnam skyrocketed during the six-month period. Over the year, Vietnam’s purchases soared by nearly 425% to 304,189 tonnes. The scrap exports to China too surged higher by almost 270% year-on-year to total 385,205 tonnes. Canada too reported significant jump in scrap buying activity from the US. The US scrap exports to Canada were up significantly by 85% to 334,527 tonnes. The other countries to report increased scrap purchases from the US were Mexico, Taiwan and Pakistan. The Mexican purchases climbed higher by over 40% year-on-year to 859,520 tonnes. Pakistan too reported 56% surge in import volumes, with imports from the US totaling 299,691 tonnes. The exports to Taiwan totaled 723,462 tonnes, 37.2% higher when compared with the year before. On the other hand, the sharp rise in exports to the above countries was partially offset by huge decline in export volumes to Turkey and India. The exports to India were down significantly by 45% over the previous year. The imports dropped from 612,200 tonnes in Jan-June ’16 to as low as 336,715 tonnes in the opening six months of 2017. The Turkish imports of US Ferrous scrap too declined modestly by over 7% from 1.446 million tonnes to 1.342 million tonnes. It must be noted that the decline in scrap imports by Turkey is in spite of the country recording significantly higher half-yearly crude steel output. Meantime, the US H1 scrap export prices averaged at $288.50 per long ton as on first week of September this year. The prices held steady for the fourth consecutive week. Accordingly, average scrap export price in Pittsburg was $294.50 per long ton. The prices in Chicago and Philadelphia were $287.50 per long ton and $283.50 per long ton respectively. Also, sources indicate that scrap prices are likely to report an increase of $20-30 per long ton during the current month.

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