When calculated, the export of scrap irons and steel totalled $2.02 billion through April 2018. When compared with the corresponding month in 2017, the exports surged higher significantly by 44%. During Jan-Apr â€™17, the exports had totalled only $1.4 billion. When compared with yearly exports in 2016, it should be noted that the full year exports in 2017 had totalled $4.92 billion, higher by 36%.
During Jan-Apr â€™18, the main export destination for scrap iron and steel was Turkey. The exports to Turkey totalled $414.36 million, accounting for nearly one-fifth of the total exports by the US during the quarter. On the other hand, Taiwan has recorded over 11% market share of US exports, importing nearly $227.15 million worth of scrap iron and steel. With imports of $214.91 million, Mexico is the third largest destination. The other main importing countries were China ($209.14 million) and India ($136.29 million).
The exports to the above top five markets totalled $1.202 billion, accounting for approximately 60% of the total U.S. scrap iron and steel exports in Jan-Apr â€˜18. During the corresponding four-month period in 2017, the U.S. imported $562.52 million through April in 2018, 9% higher from the imports of $516.46 million.
Canada was the largest exporter of scrap iron and steel to the U.S. During the initial four months in 2018, the imports from Canada totalled $257.95 million. The other main suppliers of the scrap iron and steel were the Netherlands ($76.85 million), Mexico ($74.64 million), Sweden ($21.46 million) and the U.K. ($13.89 million). The imports from these five countries represented more than 96% of the total U.S. monthly imports.
Indiaâ€™s imported scrap markets have been supported by healthy demand for finished steel in the country, which prevented there being steeper losses in the scrap price, sources have told Metal Bulletin. Prices for the lower-quality HMS 1 and 2 scrap (80:20) grade narrowed downward by $5 per tonne week-on-week on February 2. HMS 1 import prices were heard at $354 per tonne CFR from South Africa and at $350 per tonne CFR from the Middle East, sources said. According to the HMS 1 and 2 scrap suppliers, with HMS 1 prices inching downward, there is no reason to pay a premium to buy shredded material.
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Article Added on Thursday, June 21, 2018
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