NEW YORK Weak Turkish
interest sent U.S. ferrous scrap exports significantly lower
for the second consecutive month in October.
Improved demand from some parts
of Asia offered little respite as exports to Turkey plunged,
with shredded scrap taking the biggest hit.
Ferrous scrap exports totaled
1,464,569 tonnes in October, down 10.2 percent from 1,631,442
tonnes the previous month and 18.4 percent below volumes sent
overseas in October 2011, according to the latest U.S. Commerce
A standoff between Turkish mills
and U.S. exporters on prices eventually hit trading volumes
with the largest importer of U.S. scrap.
Exports to Turkey stood at
432,855 tonnes in October, down 34 percent from the 655,925
tonnes in September. Turkish buyers focused on heavy melt scrap
buys and shied away from shredded.
As such, U.S. shredded exports
to Turkey slumped to a 28-month low of just 81,394 tonnes in
October, the lowest level since June 2010, when U.S. suppliers
shipped 74,510 tonnes to the nation. Thats down 62.8
percent month on month and marks a reversal from
Septembers 13-month high of 219,053 tonnes.
Overall shredded exports fell
17.6 percent month on month to 394,585 tonnes in October.
Thats on top of a 21.6-percent month-on-month decline in
amm.com, Nov. 16).
Gains in offshore sales of
shredded scrap to India, South Korea and Mexico helped offset a
portion of the volume lost to Turkey.
Canada, Malaysia and South Korea
were the other significant importers of U.S. ferrous scrap to
lower their demand in October, while exports to China, India,
Mexico and Taiwan strengthened.
No. 1 heavy melt exports fell
13.2 percent to 508,952 tonnes in October, while plate and
structural scrap slid 11 percent to 73,020 tonnes.
For the first 10 months of the
year, ferrous scrap exports fell 11.2 percent to 18,367,994
tonnes. This mostly affected shredded volumes, which fell 21.2
percent to 5,547,701 tones.