The sharp decline in export volume is mainly on account of war crisis in Ukraine, disruptions in port activities and hiked freight rates.
SEATTLE (Scrap Monster): The most recent data published by the Brazilian Ministry of Economy indicates that ferrous scrap exports from the country hit the lowest level since 2007 during the month of July this year. The exports totalled 5,614 tons, registering sharp year-on-year decline by 87.5%, compared with 45,081 tons exported during the same month a year before.
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The sharp decline in export volume is mainly on account of war crisis in Ukraine, disruptions in port activities and hiked freight rates. The reduced purchases by domestic steel mills in the country also contributed to the dip in ferrous scrap prices and rising inventory.
Meantime, the country exported 237,113 tons of ferrous scrap during the initial seven-month period in 2022, marginally higher upon comparison with the exports of 225,776 tons during the corresponding period last year.
Meantime, Vietnam Customs data indicate that the country’s scrap imports dropped significantly by 69% year-on-year in July this year. The sluggish demand on account of lower production and weaker trading activities led to the drop in demand for scrap. The cumulative scrap imports during the initial seven-month period of the year, at around 2.75 million tons, recorded 34% decline.
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