SEATTLE (Scrap Monster): The world ferrous scrap trade witnessed mixed trends during the initial quarter of the current year.
The latest statistics published by the Turkish Iron and Steel Producers’ Association (TCUD) indicates that the country imported around 6.5 million tons of scrap during the first three months of 2022. The imports rose marginally by 3.2% over the previous year. The value of imports surged higher significantly by 17.4% year-on-year to total around $2.9 billion. The top import sources were the EU, the U.S. and the CIS countries.
According to the U.S. International Trade Commission (USITC), the country exported around 1.29 million tons of scrap in March this year, registering substantial decline by almost 20% from the prior year. The major export destinations of U.S. scrap were Mexico, Turkey and Taiwan.
Meantime, Japanese ferrous scrap exports totalled 614,000 tons in March this year, down by 15.5% year-on-year. The country’s exports to South Korea recorded surge, whereas exports to Vietnam and Taiwan almost halved from the previous year.
Also, South Korean scrap imports were up significantly by 86.7% from March 2020 to total around 592,000 tons in March this year. The largest source of imports was Japan, followed by the U.S. and Russia.