NEW YORK U.S. ferrous scrap exports continued to disappoint in November with a third consecutive monthly drop, as lower shipments to Turkey overshadowed increases to South Korea, Taiwan and China.
Exporters shipped 1.23 million tonnes of ferrous scrap in November, down 6.2 percent from the previous month and 10.7 percent below November 2012, the latest data from the U.S. Commerce Department show. Year-to-date exports of 16.9 million tones were down 14.4 percent from the first 11 months of 2012.
The bulk of the decline was due to weak demand from Turkey, with market participants indicating that December volumes were even lower. Turkey took 266,655 tonnes in November, down 21.3 percent from the previous month and 43.3 percent below a year earlier, and its 11-month total of 4.73 million tonnes was down 20.9 percent.
Dismal demand from India was another contributing factor to the year-to-date decline, with shipments in the first 11 months of the year tumbling 54.6 percent to 523,442 tonnes.
No. 1 heavy melt exports have taken the brunt of the hit, falling 19 percent to 5.56 million tonnes in the first 11 months of 2013, followed by shredded scrap, down 14.7 percent to 5.13 million tonnes.