U.S. Exports of Scrap Iron and Steel Surged 28% Until Oct '18

SEATTLE (Scrap Monster): According to latest trade statistics published by the U.S. Census Bureau, the scrap iron and steel exports by the country reported tremendous surge during the initial ten-month period of the current year. The exports surged higher by 27.5% from $3.97 billion to $5.06 billion when compared with the prior year.

The largest export destination of U.S. scrap iron and steel was Turkey. The exports to that country totaled $933.19 million, accounting for almost 19% share of the total U.S. exports. The U.S. exports to Turkey recorded 17.32% jump over the previous year. Taiwan’s imports from the U.S. too surged higher significantly by nearly 56% to $586.96 million. In third place was Mexico, which received $493.42 million worth of exports from the U.S. India ($361.82 million) and Vietnam ($303.92 million) were the other primary export destinations.

The combined exports through October to the above top five markets totaled $2.68 billion, representing approximately 53% of the exports by the U.S. during this period.

The country’s imports of scrap iron and steel too surged higher by nearly 23% during the first ten months of the current year. The imports totaled $1.55 billion in Jan-Oct ’18 as against $1.26 billion during the corresponding ten-month period last year.

The top sources of import were Canada ($995.24 million), Mexico ($203.39 million), the Netherlands ($119.28 million), U.K. ($98.68 million) and Sweden ($59.45 million). These top five countries supplied 95.43% of all scrap iron and steel imports by the U.S. until Oct ’18.