US bulk ferrous exports slowed in March
US bulk ferrous exports likely ticked lower in March, while an expected lack of sales to Turkey during the month will likely result in even lower export volumes in April.
US exporters shipped an estimated 680,000t of bulk ferrous scrap in March, about 4pc lower than in March 2019, according to Argus analysis of vessel tracking data. Argus observed 18 likely bulk ferrous scrap ships departing US ports during the month, based on port and dock locations, vessel type, size and destinations.
Estimated US exports to Turkey totaled at least 276,000t, down by 26pc from March 2019. An estimated 215,000t of scrap is in transit to Gibraltar and Malta, two mid-route destinations for cargoes bound for Turkey, Greece or the Middle East.
Still, March volumes sent to Turkey rose from February by 53pc, reflected in the Argus assessment for bulk HMS 1/2 80:20 cfr Turkey which rebounded by $32/t during the first half of February, the booking period for the majority of shipments made in March.
But the $75/t decline seen in the Turkish price for HMS 1/2 80:20 from mid-February to late March, and a resultant dearth of sales made from US suppliers amid the coronavirus outbreak indicate a scant number of vessels will depart US deep-sea ports in April.
The Argus assessment for HMS 1/2 80:20 cfr Turkey hit $205/t on 27 March, marking a four-year low since February 2016 when prices bottomed out at $173/t.
March exports to South Korea were estimated at 61,000t, nearly double a year earlier. Mexico-bound volumes also nearly doubled to 42,000t.
Peru exports were little changed from a year earlier at 37,000t, with a cargo sourced from Los Angeles.
A 32,000t cargo to Thailand was shipped during March from Tacoma, Washington, compared to none a year prior.
An additional two vessels accounting for 69,000t are bound for Singapore, a mid-voyage point for cargoes usually headed for India or Bangladesh.
Estimated Gulf coast exports consisted of one 12,000t cargo from Tampa, Florida, to Mexico. West coast ports sent out an estimated 167,000t, while east coast ports supplied an estimated 501,000t.
US Department of Commerce will release official data for March 2020 export statistics on 5 May 2020.
| US bulk ferrous scrap exports, March 2020 | t | ||||||
| Vessel name | Tonnage | Origin | Load port | Sailed | Destination | Country | ETA |
| Jacqueline C | 12,000 | USGC | Tampa | Mar 18 | Veracruz | Mexico | 22 Mar |
| Hu Po Hai | 39,000 | USEC | Boston | Mar 5 | Iskenderun | Turkey | Mar 24 |
| Global Coral | 45,000 | USEC | Baltimore | Mar 3 | Iskenderun | Turkey | Mar 25 |
| Thor Integrity | 52,000 | USEC | Newark | Mar 5 | Marmara | Turkey | Mar 29 |
| Denak Voyager | 72,000 | USEC | Jersey City | Mar 11 | Diliskelesi | Turkey | Mar 30 |
| Skala | 33,000 | USEC | Albany | Mar 23 | Algeciras* | ||
| Texel Island | 61,000 | USWC | Los Angeles | Mar 10 | Incheon | South Korea | Apr 3 |
| Lefkes | 33,000 | USEC | Providence | Mar 8 | Icdas | Turkey | Apr 4 |
| Lady Saliha | 30,000 | USEC | Newark | Mar 31 | Veracruz | Mexico | Apr 7 |
| Strategic Island | 37,000 | USWC | Los Angeles | Mar 24 | Pisco | Peru | Apr 7 |
| Atlantis Unity | 32,000 | USEC | Tacoma | Mar 11 | Rayong | Thailand | Apr 7 |
| Giorgos B | 35,000 | USEC | Boston | Mar 31 | Aliaga | Turkey | Apr 17 |
| Darya Tapti | 35,000 | USWC | Oakland | Mar 31 | Singapore* | ||
| Ocean Bright | 56,000 | USEC | Camden | Mar 22 | Malta* | ||
| Daiwan Hero | 34,000 | USWC | Vancouver | Mar 19 | Singapore* | ||
| Strategic Fortitude | 37,000 | USEC | Newark | Mar 30 | Gibraltar* | ||
| Silver Oak | 37,000 | USEC | Providence | Mar 31 | Gibraltar* | ||
| TOTAL | 680,000 | ||||||
| USEC total | 501,000 | ||||||
| USWC total | 167,000 | ||||||
| USGC total | 12,000 | ||||||
| Source: Fleetmon, Argus | |||||||
| *Preliminary destination | |||||||
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