By Paul Ploumis (ScrapMonster Author)
March 14, 2016 07:58:04 AM
ALBANY (Scrap Monster): The scrap exports by the US during the month of January 2016 dropped significantly, as per the latest statistics released by the Department of Commerce (DOC).
According to government data, the scrap exports totaled 552,559 tons during January this year. The exports during Jan ‘16 were down by 47% when matched with the exports during same month the previous year. The country had exported 1.04 million tons of scrap during January 2015.
The largest export destination of US scrap was Turkey. The US scrap exports to Turkey totaled 105,479 tons during the month. Turkey accounted for nearly one-fifth of the total US exports during the month. The second largest importer of US scrap was India. The country’s scrap exports to India totaled 88,405 tons. In third place was Mexico with 63,691 tons.
Meantime, US scrap export volumes had dropped sharply by 15% during 2015 to touch the lowest level in nine years. The huge demand drop from Turkish buyers on account of increased purchases from EU sources and the use of cheap Chinese billets in place of scrap were cited as the key reasons behind the drastic fall in scrap exports by the country.