SAO PAULO (Scrap Monster):The latest statistics indicate that Brazil's scrap exports have recorded strong growth during the month of May this year. The country's exports of scrap totaled 33,200 tons in May '14.
The scrap exports during the month were 2.4% higher when compared with the previous month. The country's scrap export during the month of April this year had totaled 32,422 tons. Also, May '14 scrap exports were 38.3% higher when compared with the exports during the same month a year ago. Brazil had exported only 24,005 tons of scrap during May '13.
The cumulative scrap exports by the country during the initial five-month period of the year totaled 196,500 tons. The scrap exports during the period have declined by 3.8% when compared with the export figures during the corresponding five-month period last year.
According to National Institute of Ferrous Scrap Companies (INESFA), the ramped-up steel production by China kept the demand for steel scrap high. The Chinese crude steel production increased significantly during this period, which boosted scrap trade between the two countries. The Institute noted that further improvement in Chinese economy will prove vital for the country's scrap exports going forward.