U.S. Scrap Iron and Steel Exports 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 five months of the current year. The exports were down by 11.81% to total $1.87 billion during Jan-May ’20.

The topmost trade partner during Jan-May ‘20 was Turkey. The exports to that country were valued at $388.2 million, accounting for nearly 56% of all U.S. shipments. The receipts by Turkey dropped significantly by almost 37% over the previous year. Taiwan, the second largest export destination, received $210.68 million worth of scrap iron and steel. In third place was Mexico with total imports of $202.88 million. The other key importers were Bangladesh ($152.96 million) and India ($143.88 million). Nearly 62% of all U.S. exports were to the above-mentioned top five foreign markets.

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Also, imports of scrap iron and steel edged lower by nearly 26% to $482.21 million in Jan-May ‘20. The U.S. imports had totalled around $648.72 million during the similar five-month period in 2019. The primary supplier of scrap iron and steel to the US was Canada, with supplies totalling $333.27 million. The supplies from that country represented over 69% of all U.S. imports. The other major sources of import were Mexico ($70.99 million) and Sweden ($31.36 million).