US Scrap Commodity Exports Boomed in 2016

Nearly 65 million metric tons of Iron and Steel and nearly 52 million metric tons of Paper were processed in the US in 2016.

SEATTLE (Scrap Monster): The Institute of Scrap Recycling Industries (ISRI) has announced publication of its 2017 Scrap Yearbook. The Annual report offers latest information about the US and global scrap market place. It provides updated commodity-wise statistics pertaining to global scrap trade. It also spotlights the huge economic and environmental benefits generated by the worldwide scrap industry.

According to Joe Pickard, chief economist for ISRI, the recycling industry had to meet with several industry-specific as well as macro-economic challenges during 2016. The regulatory burdens imposed by countries such as China, fluctuating US dollar, variation in commodity prices and sharp jump in transportation and shipping costs posed major threats. However, the scrap industry has been able to remain resilient to these challenges, he noted.

The ISRI Yearbook states that Iron and Steel and Paper are the two commodities that top the list in terms of volumes processed in the US. Nearly 65 million metric tons of Iron and Steel and nearly 52 million metric tons of Paper were processed in the US in 2016. By grade, corrugated exports accounted for nearly 50% of all US recovered paper and fiber exports during the year.

The report identifies the US scrap recycling industry as one of the biggest contributors to country’s economy. Moreover, it supports thousands of jobs as well. A recent study conducted by John Dunham and Associates indicates that US scrap processors and brokers provide direct employment to more than 155,000 people and support more than 375,000 indirect jobs. The industry contributes nearly $13.2 billion in direct federal, state and local taxes.

In addition to the tremendous economic benefits, the recycling industry has made significant contributions to environmental protection and sustainable development. The industry has helped in saving impressive amounts of energy, thereby drastically reducing greenhouse emissions. As per estimates, the industry saved the CO₂ equivalent of 410 million tons of greenhouse gas emissions in 2016, the Yearbook says.

During the year, the US exported more than 37 million metric tons of scrap commodities valued at $16.5 billion. Out of this, combined exports of recovered paper and ferrous scrap accounted for more than 32 million metric tons. The cumulative impact of US scrap exports on the country’s trade balance has reported steady progress since 2000. The major export destinations of US scrap in 2016 were China ($5.2 billion), Canada ($2 billion), Mexico ($927 million), India ($848 million), South Korea ($752 million) and Turkey ($696 million).

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