US ferrous scrap imports from Mexico reach new record in November

US ferrous scrap imports from Mexico rose to the highest monthly level on record in November 2024 even as overall scrap imports fell, according to S&P Global Market Intelligence Global Trade Atlas data Jan. 15.

The US imported 267,795 mt of ferrous scrap in November, little changed from the same month a year earlier but down 15% from October. Imports from Mexico in November were 50,728 mt, the highest monthly total on record, according to US Customs data going back to 1990, topping the previous record set in August.

US ferrous scrap imports from Mexico on a year-to-date 2024 basis were 333,122 mt, up from 214,408 mt for the full-year 2024 and 147,935 mt in 2022. The increase was attributed to the depreciation of the Mexican peso against the US dollar and the expansion of electric arc furnace steelmaking capacity in the US Southeast and Texas. For the January-November 2024 period, 77% of Mexican ferrous scrap imports arrived via land border ports of entry at Laredo, Texas, the Global Trade Atlas data showed.

However, US ferrous scrap imports from top supplier Canada were 176,061 mt in November, down 14% from the same month a year earlier and also down 14% from October.

US pig iron imports were 380,157 mt in November, down 24% from October but up 1.6% from November 2023. Brazil was the top supplier with 252,905 mt or 67% of the monthly total, followed by Ukraine with 102,934 mt for a market share of 27%.

Platts, part of S&P Global Commodity Insights, last assessed the weekly US pig iron import price at $430/mt CIF New Orleans on Jan. 10, steady from one week earlier.

US ferrous scrap exports were 1.2 million mt in November, up 9.7% from October and an increase of 15% from November 2023. Turkey was the top export destination for US ferrous scrap in November at 363,696 mt, down 4.9% month on month but up 33% year on year.

US ferrous scrap import and export figures were determined using HS codes 7204410020, 7204410040, 7204490020, 7204490040, 7204490060, 7204490070 and 7204490080.

Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $334.75/mt CFR Turkey on Jan. 15, down $2.25/mt on the day.