- Exports to Vietnam rise 20%, Bangladesh up 47%
- Thailand sees 4x jump in Japanese scrap intake
Japan’s ferrous scrap exports surged by 21% m-o-m to 0.65 million tonnes (mnt) in February from 0.54 mnt in January. On a y-o-y basis, exports grew 8% from 0.60 mnt in February 2024.
Strong demand from Vietnam, Bangladesh, India, Thailand, and Taiwan drove the overall growth in Japan’s ferrous scrap exports. Notably, shipments to Bangladesh surpassed 100,000 t.
Major updates
Crude steel production: Japan’s crude steel production dropped 6% to 6.4 mnt in February 2025 from 6.79 mnt in January.
Average H2 export prices: In February 2025, average H2 scrap export prices stood at $278/t FOB Japan, down $2/t from $280/t in January.
Country-wise break-down
Vietnam: Vietnam continued to be Japan’s largest ferrous scrap buyer, with its imports rising 20% m-o-m to 300,447 t in February from 250,431 t in January.
Additionally, imports climbed up by 13% compared to 264,776 t in February 2024.
This sharp increase was supported by strong steel sales despite lower production. Steel output in Vietnam declined by 5-6% m-o-m and 4-5% y-o-y in the January-February period, but steel sales surged by over 15% m-o-m and around 30% y-o-y, prompting mills to boost scrap imports to meet rising demand.
South Korea: Imports from Japan dropped slightly by 3% m-o-m to 111,998 t in February from 115,568 t in January.
Meanwhile, imports decreased significantly by 31% compared to 162,137 t in the year-ago period.
Import volumes had been limited in January due to South Korea’s New Year holidays, which led to a slowdown in activities.
Bangladesh: The country saw a sharp 47% m-o-m increase in imports from Japan, to 102,172 t in February 2025 (of which around 60,000 t were in bulk shipments) from 69,575 t in January.
On a y-o-y basis, imports increased threefold compared to 38,445 t in February 2024.
India: Japan’s scrap exports to India rose sevenfold m-o-m in February to 27,080 t in comparison with 4,133 t in January.
Similarly, on a y-o-y basis, India’s imports increased exponentially by forty-fold compared to 676 t only in February 2024.
Steel demand and prices remained under pressure for six months but saw an uptick in mid-February, driven by speculation over a safeguard duty and rebar production cuts. While demand was largely met by domestic scrap and DRI, steady imported scrap bookings every 15-20 days prevented a sharp decline in imports. Purchases were limited to essential restocking, primarily from near-shore suppliers such as Japan and Oceania, leading to increased arrivals.
Thailand: Scrap exports to Thailand rose fourfold m-o-m in February to 28,384 t in comparison with 6,680 t in January.
Similarly, on a y-o-y basis, imports increased fourteenfold compared to 2,589 t in February 2024.
Outlook
Japan’s ferrous scrap exports are expected to remain strong, with Vietnam and Bangladesh continuing to drive demand amid rising steel sales. India may also continue its imports from Japan, while South Korea’s intake could improve with steady buying.
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