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| Titanium Scrap |
The U.S. Titanium scrap market witnessed a notable upturn in both imports and exports during the third quarter of 2024, driven by reduced domestic scrap generation rates and favorable margins in international markets. According to recently released U.S. customs data, titanium scrap imports climbed 8.8% year-over-year to 7,484 metric tonnes (t), marking the highest quarterly total since Q2 2019. Exports, meanwhile, surged by 33% to 3,088t, the strongest performance since Q1 2021.
Titanium Scrap Imports: Supply Chain Adjustments
The U.S. market's reliance on foreign titanium scrap intensified as domestic supplies tightened. Imports from the UK rose sharply, increasing by 36% to 1,386t, compensating for declines from other key suppliers like Germany and Japan, which saw reductions of 5% (1,002t) and 20% (743t), respectively.
Shipments from emerging suppliers saw significant growth, with double-digit percentage increases from Singapore, Italy, South Korea, Mexico, and France. These diversified sourcing strategies reflect global trade adjustments amidst fluctuating titanium market dynamics.
Exports on the Rise: International Margins Drive Growth
On the export front, U.S. merchants capitalized on improved margins in international markets. The UK remained the top destination for U.S. titanium scrap, with shipments reaching 745t—a more-than-fourfold increase compared to Q3 2023.
Mexico exhibited the highest year-over-year percentage growth, receiving 300t in Q3 2024, a dramatic increase from just 19t in the same period last year. Estonia also displayed substantial growth, importing 208t, up 285% from the prior year. However, India reduced its imports of U.S. titanium scrap by 38% to 286t, reflecting a shift in trade dynamics within the region.
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