According to data from Brazil's National Recycling Institute (Inesfa), the country exported around 80,400 tons of ferrous scrap in October this year, a strong increase of 267.6% compared to the same month of the previous year when the country exported only 21,880 tons.

During the first 10 months of this year, the country exported a total of 655,200 tons, an increase of 99.3% compared to the same period of the previous year. The increase in sales to the international market was based on lower demand from national steelmakers.

Participants in the domestic scrap market are seeing a weak start in November, with limited demand and frozen prices. Besides, there is increasing pressure for further price reductions at the end of the year.