May 12, 2017 11:30:48 AM
SPOKANE (Scrap Monster): The latest trade statistics released by the US Census Bureau and International Trade Commission suggests considerable jump in overseas shipment volumes of ferrous scrap out of the country. The US ferrous scrap exports surged higher by nearly 30% during the first quarter of the current year. Year-on-year, scrap shipments to Turkey have reported sharp drop in Q1 2017.
As per trade data, US ferrous scrap exports to overseas destinations totaled 2.921 million tonnes during Q1 this year. This is significantly higher by almost 28% when matched with the total deliveries of 2.289 million tonnes during the corresponding quarter last year. Turkey continued to remain as the largest destination of US scrap exports. However, Turkish imports of US scrap declined considerably during the quarter. The imports totaled 542,727 tonnes, which is 11.8% lesser when compared with the previous year. The imports by Turkey had totaled 615, 347 tonnes in Q1 2016.
Apart from turkey, several other countries also reported lower US scrap import volumes during the initial quarter of 2017. The exports to India declined sharply by 82% over the previous year to total 65,205 tonnes. Another leading buyer South Korea too witnessed year-on-year decline in scrap import volumes from the US. The imports by the country totaled 152,588 tonnes, considerably lower when matched with Q1 last year. The Turkish imports during Jan-Mar ’17 hit the lowest quarterly import levels in the past seven years.
The largest increase in quarterly export volumes was to Vietnam. The Vietnamese imports of US ferrous scrap skyrocketed by 1043% to 167,854 tonnes. The imports had totaled only 14,689 tonnes in the corresponding quarter in 2016. The US exports to China increased considerably by 388% over the previous year to total 235,330 tonnes. Canada too reported 173% jump in import volumes of scrap from the US. The Canadian imports of US scrap totaled 163,730 tonnes during Q1 ’17. The US exports to Mexico was up by 84% to 427,094 tonnes. The exports to Taiwan recorded sharp 61% jump over the previous year to total 364,653 tonnes. Bangladesh’s total scrap imports from the US were up by 81% in this year’s first quarter. The imports by the country totaled 121,878 tonnes, data said.
Meantime, the US H1 scrap export prices averaged at $271.83 per long ton, as on 8th May, 2017. The prices increased when compared with the previous week. The H1 scrap average price in Pittsburg was $284.50 per long ton, increasing by $10.0 per long ton over the previous week. In Chicago the prices averaged at $282.50 per ton, holding steady from last week. The average H1 scrap export price in Philadelphia was $248.50 per long ton, recording rise of $10 per long ton compared with the prior week.
The country’s ferrous scrap exports had totaled 11.233 million tonnes (Mt) during entire 2016. Going by the current rate, the country’s scrap exports are projected to touch 11.684 million tonnes in calendar year 2017, higher by 4% over the previous year.