Decline in U.S. scrap metal exports noted for March 2024

The country shipped out roughly 1.15 million tons of scrap, showing a 7.2% decrease from the previous month and a significant 21.5% drop from March of the previous year. The financial impact was also notable, with earnings from these exports falling to approximately $530 million from $555 million in February and down from $651 million in March last year.

Turkey, traditionally the primary importer of U.S. scrap, imported about 258,000 tons in March, which marked a 44.2% decline from February and a 26.3% decrease year-over-year. Other significant importers included Mexico, which received 189,000 tons, followed by Bangladesh at 162,000 tons, Taiwan at 113,000 tons, and Peru at 77,000 tons. These figures reflect a broader cooling in the global market for recycled metals.