South Korea: Ferrous scrap import decreases by 33% in Q1 CY’21

South Korea – one of the largest ferrous scrap buyers, witnessed imports at 0.81 mn t in Q1 CY’21, (down by 33% y-o-y) as against 1.2 mn t Q1 CY’20, as per data recorded with SteelMint. Japan remained the top supplier at 0.61 mn t , followed by Russia and the US. However, on a monthly basis, South Korea’s import volume stood at 0.29 mn t, down by 15% in Mar’21. Preference to domestic scrap kept imports on the lower side.