South Korea- world’s 2nd largest importer of ferrous scrap after Turkey has witnessed decline in its ferrous scrap imports in Oct’17. As per recently released customs data, South Korea has imported 0.49 MnT ferrous scrap in Oct’17.Imports shrank 13% M-o-M against 0.56 MnT ferrous scrap imports in Sept’17.The country had imported 5.64 MnT ferrous scrap over a span of CY16.
On yearly comparison, imports remained unchanged against 0.49 MnT ferrous scrap imports in Oct’16.
South Korea’s ferrous scrap imports summed at 4.79 MnT during the period of first ten months in CY17.Imports have shown marginal growth of 2% Y-o-Y, as the ferrous scrap imports amounted to 4.70 MnT during the same time frame in last year (i.e. Jan-Oct’16).
Japan remains the largest ferrous scrap supplier to South Korea –
Japan continued to hold the highest share of South Korean ferrous scrap imports again in Oct’17. Japan supplied 0.32 MnT ferrous scrap to South Korea in Oct’17, followed by Russia (0.07 MnT), United States (0.06 MnT) and China (0.03 MnT) in Oct’17 respectively.
On monthly premises, United States and China raised ferrous scrap exports by six folds and three folds M-o-M in Oct’17 respectively against 0.01 MnT ferrous scrap exports each in Sept’17.
During Jan-Oct’17, Japan exported highest 3.23 MnT ferrous scrap to South Korea occupying 67% share in total South Korea ferrous scrap imports.
Russia remained second-largest scrap exporter and its share in South Korea scrap imports was 17% (0.83 MnT) followed by United States with 8% (0.36 MnT) during Jan-Oct’17 respectively.
South Korea Held Highest Share in Japan’s ‘Kanto Tetsugen’ ferrous scrap export Tender –
Considering statistics of Japan’s monthly ferrous scrap export tender ‘Kanto Tetsugen’ during CY01 to CY16, South Korea held highest 32.4% share followed by Taiwan (22.2%), China (18.4%) and Vietnam (18.3%) respectively. However, during past decades (CY07-16) Japan exported around 2.218 MnT ferrous scrap in this tender out of which 0.93 MnT ferrous scrap occupying almost 42% share was imported in South Korea.
Country wise South Korea ferrous scrap Imports –
| Country | Oct’17 | Sept’17 | M-o-M % Change | Oct’16 | Y-o-Y % Change | Jan-Oct’17 | Jan-Oct’16 | % Change |
| Japan | 0.32 | 0.41 | -21.95% | 0.28 | +14.29% | 3.23 | 2.75 | +17.45% |
| Russia | 0.07 | 0.10 | -30.00% | 0.10 | -30.00% | 0.83 | 0.85 | -2.35% |
| United States | 0.06 | 0.01 | +500.00% | 0.07 | -14.29% | 0.36 | 0.75 | -52.00% |
| China | 0.03 | 0.01 | +200.00% | _ | _ | 0.09 | _ | _ |
| United Kingdom | 0 | 0 | _ | _ | _ | 0.04 | _ | _ |
| Others | 0.01 | 0.03 | -66.67% | 0.04 | -75.00% | 0.24 | 0.35 | -31.43% |
| Total | 0.49 | 0.56 | -12.50% | 0.49 | 0.00% | 4.79 | 4.70 | +1.91% |
Quantity in MnT
Source: SteelMint Stats
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