Published on 8 May 2024
The US iron and steel scrap industry faced challenges in March 2024, with notable fluctuations in exports. Let’s delve into the key points:
- Export Volume Decline:
- US iron and steel scrap exports dropped by 7.2 percent in March 2024 compared to February. The total export volume reached 1,150,436 metric tons (mt).
- This decline reflects the impact of various factors, including market dynamics and global demand.
- Top Importers:
- Turkey emerged as the largest importer of US iron and scrap in March, receiving 258,344 mt. However, this figure represents a significant year-over-year decline of 26.3 percent and a month-over-month drop of 44.2 percent.
- Other notable destinations included Mexico (188,776 mt), Bangladesh (162,115 mt), and Taiwan (113,192 mt).
- Value of Exports:
- In terms of value, US iron and steel scrap exports were valued at $529.89 million in March 2024. This decreased from the $554.86 million recorded in February and a substantial drop from the $650.77 million in March 2023.
- Market Challenges:
- The ferrous scrap market faced tension due to severe weather conditions, fluctuating export demand, and uncertainty about steel demand within the United States. These factors contributed to a challenging market environment.
- Despite these challenges, iron and steel scrap recycling remains vital for producing new steel and cast-iron products. Recycling conserves raw materials and reduces energy consumption compared to primary production methods.
In summary, the US iron and steel scrap industry navigated a complex landscape in March 2024, with declining exports and shifting market dynamics. As the global economy continues to evolve, stakeholders in the scrap industry must adapt to ensure sustainable practices and resilience.