South Korea Ferrous Scrap Import Up by 19% M-o-M in Feb’17

South Korea Ferrous Scrap Import Up by 19% M-o-M in Feb’17 and Y-o-Y by 58%

South Korea the third largest importer of scrap has its import up by 19% M-o-M in Feb’17 as compared to the month of Jan’17. As per the recent trade data released by South Korean Customs shows that South Korea imported 466,422 MT in the month of Jan’17 which surged up to 556,029 MT in Feb’17.

Japan continues to the biggest exporter of ferrous scrap to South Korea with 367,351 MT for Feb’17 and 268,372 MT for Jan’17 followed by USA and Russian.

 South Korea Imports have reportedly increased and the same implies from the data Y-o-Y. Country Imported 351,132 MT in Feb’16 and 556,029 MT in Feb’17 an increase by 58%

 Exports of steel from China have reduced as china is getting good prices in their domestic market. So in order to fulfil the requirement of steel South Korea is importing scrap to produce steel.

 If China exports continue to fall, Koreans would prefer to make steel domestically rather that importing Steel and so the imports of ferrous scrap would continue to rise.

Quantity in MT
Source – South Korea Customs

Quantity in MT
Source – South Korea Customs