South Korea- world’s 2nd largest importer of ferrous scrap after Turkey has witnessed marginal rise in its ferrous scrap imports in Nov’17. As per recently released customs data, South Korea has imported 0.51 MnT ferrous scrap in Nov’17, up 4% M-o-M against 0.49 MnT ferrous scrap imports in Oct’17.
On yearly comparison, imports increased by 13% Y-o-Y against 0.45 MnT ferrous scrap imports in Nov’16. The country had imported 5.64 MnT ferrous scrap over a span of CY16.
South Korea’s ferrous scrap imports summed at 5.31 MnT during the period of first eleven months in CY17.Imports have shown marginal growth of 3% Y-o-Y, as the ferrous scrap imports were amounted to 5.15 MnT during Jan-Nov’16.
Japan remained the largest ferrous scrap supplier to South Korea –
Japan continued to export the highest share of South Korean ferrous scrap imports again in Nov’17. Japan supplied 0.29 MnT ferrous scrap to South Korea in Nov’17, followed by Russia (0.07 MnT), United States (0.09 MnT) and China (0.01 MnT) in Nov’17 respectively.
United States raised ferrous scrap exports by 50% M-o-M while Russian ferrous scrap exports remained unchanged at 0.07 MnT to South Korea in Nov’17.
During Jan-Nov’17, Japan exported highest 3.52 MnT ferrous scrap to South Korea occupying 66% share in total ferrous scrap imports in South Korea.
Russia remained second-largest scrap exporter and its share in South Korea scrap imports was 17% (0.90 MnT) followed by United States with 8% (0.45 MnT) during Jan-Nov’17 respectively.
South Korea held highest share of 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 decade (CY07-16) Japan exported around 2.218 MnT ferrous scrap through this tender out of which 0.93 MnT ferrous scrap occupying almost 42% share was imported to South Korea.
Country wise South Korea ferrous scrap Imports –
| Country | Nov’17 | Oct’17 | M-o-M % Change | Nov’16 | Y-o-Y % Change | Jan-Nov’17 | Jan-Nov’16 | % Change |
| Japan | 0.29 | 0.32 | -9.38% | 0.23 | +26.09% | 3.52 | 2.98 | +18.12% |
| Russia | 0.07 | 0.07 | 0.00% | 0.08 | -12.50% | 0.90 | 0.93 | -3.23% |
| United States | 0.09 | 0.06 | +50.00% | 0.10 | -10.00% | 0.45 | 0.85 | -47.06% |
| China | 0.01 | 0.03 | -66.67% | _ | _ | 0.10 | _ | _ |
| New Zealand | 0.02 | 0 | _ | _ | _ | 0.06 | _ | _ |
| Others | 0.03 | 0.01 | +200.00% | 0.04 | -25.00% | 0.28 | 0.39 | -28.21% |
| Total | 0.51 | 0.49 | +4.08% | 0.45 | +13.33% | 5.31 | 5.15 | +3.11% |
Quantity in MnT
Source: SteelMint Stats
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