Brazil saw October ferrous scrap exports fall both on-month and on-year in October after they reached their highest levels in the last 4.4 years in September, according to the latest Brazilian Ministry of Development, Industry and Foreign Trade (Mdic) data monitored by Kallanish.

Exports of scrap were 63,300 tonnes in October, -35% less compared to September`s 97,300t and down -18% on-year. Year-to-date shipments of ferrous scrap totalled 684,784t, up 19.8% on-year.

October exports of scrap had a fob value of $12.1 million, down -38.7% compared to the same month of last year. The value of 10-month shipments abroad was -15.5% less y-o-y at $146m. During January-October, the average price of Brazilian ferrous scrap exports was $200/tonne fob, down -33.3% on-year.

The main destination for Brazilian scrap exports in the first 10 months of this year was India, which took 30% of shipments. Bangladesh and Pakistan were the next biggest importers of Brazilian scrap in the period, with shares of 28% and 15%, respectively.