Japan, world’s leading ferrous scrap exporter, recorded shipments at 634,775 tonnes (t) in October 2022, an increase of 5% compared to 606,250 t in September, as per SteelMint data. An increase in exports to Taiwan, China, Malaysia, and India resulted in a rise in overall volumes.
Similarly, on a y-o-y basis, exports increased by 30% from 489,012 t in October 2021.
Country-wise break up
- Exports to South Korea largely stable: Exports to South Korea, one of the major ferrous scrap importers, were the highest at 281,653 t in October as against 279,309 t in September, largely stable with a 1% rise m-o-m. Buyers from South Korea sticked to purchasing Japanese material despite higher prices.
- Exports to Taiwan, China increase: Japan’s exports to Taiwan went up by 30% to 62,772 t in October as against 48,267 t in September. Exports to China recovered by a whopping 104% m-o-m to 37,263 t in October as against 18,200 t in the previous month.
- Exports to Vietnam inch down: Ferrous scrap exports to Vietnam went down by 5% to 140,443 t in October compared to 147,423 t in September.
Japanese H2 scrap prices up: The monthly average price stood at JPY 48,700/t FOB in September, up by JPY 7,000/t against the previous month.
Outlook
As the key importing countries are hesitant to purchase scrap at higher rates, it is expected that Japanese scrap prices would decrease in the near term.
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