South Korea, a leading ferrous scrap buyer in South East Asia, imported 401,407 t of scrap in February 2023 as against 301,742 t in January. Imports rose sharply by 33% m-o-m, as per customs data.
Similarly, imports increased by 9% y-o-y compared to 369,808 t in February 2022. South Korea’s steel billet exports fell by 22% m-o-m to 17,486 t in February compared to 22,323 t in January. Billet imports inched up by 2.2% m-o-m to 87,239 t in February compared to 85,394 t in the previous month. Japan was the largest billet and scrap exporter at 79,909 t and 250,895 t, respectively, in February.
Country-wise scrap imports
- Imports from Japan down 6%: Japan supplied 250,895 t of ferrous scrap to South Korea in February compared to 265,811 t in January. FOB prices from Japan kept increasing m-o-m with better demand for H2 scrap.
- Imports from the US up 257%: South Korea’s scrap import volumes from the US increased sharply by 257% to 57,632 t in February as against 16,127 t in January.
- Imports from Russia increase by 333%: Total scrap imports from Russia rose significantly by 333% m-o-m to 35,390 t in February as against 8,179 t in January.
- Imports from New Zealand and Australia soar: Total scrap imports from New Zealand increased by 2884% to 16,918 t compared to 567 t in January. Shipments from Australia rose by 2091% to 24,411 t in February as against 1,114 t in January.
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