According to the Mineral Industry Survey released by the US Geological Survey (USGS), stocks of imported and domestic scrap in the US at the end of February this year amounted to 3.5 million mt, falling eight percent from the end of January and down 8.8 percent year on year. Total consumption of iron and steel scrap in the US amounted to 4.3 million mt in February, increasing seven percent over January this year and up 42.9 percent compared to February 2012.
Exports of iron and steel scrap from the US in the month of January amounted to 1.9 million mt, rising 24 percent compared to January and stable compared to the same month of 2012. The value of these exports was $796 million, up 23.6 percent month on month but decreasing 7.2 percent compared to February 2012. Turkey was the leading country of destination, with 595,000 mt, accounting for 32 percent of total export tonnages, followed by Taiwan with 268,000 mt, China with 237,000 mt and South Korea with 229,000 mt.
US imports of iron and steel scrap in February amounted to 225,000 mt, decreasing 31.6 percent compared to the January level. The value of these imports was $102 million, down 27.7 percent from the previous month. Canada was the leading country of origin, exporting 205,000 mt of iron and steel scrap to the US in the given month.