U.S. Scrap Iron and Steel Exports Nosedived Until August

The export trade data published by the U.S. Census Bureau suggests notable decline in exports of scrap iron and steel during the first eight months of the current year. The exports were down by 16.71% to total $3.06 billion, as compared with $3.68 billion during the corresponding eight-month period in 2019.

The topmost trade partner during this period was Turkey. The exports to that country were valued at $734.35 million. The receipts by Turkey surged higher modestly by 5.43% over the previous year. Taiwan, the second largest export destination, received $355.22 million worth of scrap iron and steel. The U.S. exports to Taiwan registered sharp decline by approximately 17%. In third place was Mexico with total imports of $268.22 million. The other key importers were Malaysia ($227.85 million) and India ($218.79 million).

Also, imports of scrap iron and steel were down substantially by almost 20% to $762.34 million through September this year. The U.S. imports had totalled around $949.31 million during the similar eight-month period in 2019. The primary supplier of scrap iron and steel to the US was Canada, with supplies totalling $531.78 million. The supplies from that country represented approximately 70% of all U.S. imports. The other major sources of import were Mexico ($111.28 million) and Sweden ($40 million).