Exports of Scrap Iron and Steel Witnessed Substantial Decline

SEATTLE (Scrap Monster): The export trade data published by the U.S. Census Bureau suggests notable decline in exports of scrap iron and steel during the first seven months of the current year. The exports were down by 18.87% to total $2.19 billion, as compared with $2.56 billion during the corresponding period in 2019.

The topmost trade partner during Jan-July ‘20 was Turkey. The exports to that country were valued at $573.09 million. The receipts by Turkey dropped modestly by almost 4.48% over the previous year. Taiwan, the second largest export destination, received $301.40 million worth of scrap iron and steel. The U.S. exports to Taiwan registered sharp decline by nearly 18%. In third place was Mexico with total imports of $235.35 million. The other key importers were Malaysia ($194.97 million) and India ($186.99 million).

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Also, imports of scrap iron and steel were down substantially by 19.55% to $677.73 million through July this year. The U.S. imports had totalled around $842.44 million during the similar seven-month period in 2019. The primary supplier of scrap iron and steel to the US was Canada, with supplies totalling $461.16 million. The supplies from that country represented over 68% of all U.S. imports. The other major sources of import were Mexico ($98.62 million) and Sweden ($40 million).