South Korea- world’s 2nd largest importer of ferrous scrap after Turkey has witnessed fall of 13% M-o-M in ferrous scrap imports in Feb’18. As per recently released customs data, South Korea imported 0.49 MnT ferrous scrap in Feb’18 as against 0.56 MnT in Jan’17.
On yearly premises, South Korean ferrous scrap imports decreased 13% Y-o-Y in Jan’18 as against 0.56 MnT ferrous scrap imports also in Jan’17.
During first two months of CY18, South Korea imported 1.05 MnT marginally up as against 1.03 MnT ferrous scrap imports during Jan-Feb’17.
South Korea witnessed fall in scrap imports in Feb’18 over significant fall in scrap exports from United States (-56% M-o-M) and United Kingdom (-100% M-o-M) amid high global scrap prices and tightened supply.
Also, slowdown in steel production activities during Chinese New Year holidays and sufficient inventories available with steelmakers could have resulted in fall in South Korean scrap imports in Feb’18.
According to Korea Iron and Steel Association, South Korean scrap consumption stood around 47 MnT out of which around 23 MnT scrap consumed in EAF production, 18 MnT in ordinary furnaces and around 6 MnT in special furnaces, which have grown approximately by 10% Y-o-Y in 2017.
Japan remained largest ferrous scrap supplier to South Korea in Feb’18 –
Japan remained largest ferrous scrap exporter to South Korea again in Feb’18. Japan supplied 0.36 MnT ferrous scrap occupying highest 73% share in total imports to South Korea which increased marginally by 6% M-o-M as against 0.34 MnT in Jan’18.
Russia remained second highest exporter of ferrous scrap and supplied 0.07 MnT (+17% M-o-M) to South Korea. Followed by United States exported 0.04 MnT scrap registering 56% M-o-M fall in Feb’18. While other major exporters like United Kingdom, China and New Zealand witnessed nil exports to South Korea in Feb’18.
During Jan-Feb’18, Japan exported highest (0.71 MnT, +11% Y-o-Y) ferrous scrap followed by Russia (0.13 MnT, -7% Y-o-Y), United States (0.13 MnT, -13% Y-o-Y) and United Kingdom (0.04 MnT, stable Y-o-Y) respectively as against the ferrous scrap imports during same time period of last year.
Country wise South Korea ferrous scrap imports –
| Country | Feb’18 | Jan’18 | M-o-M % Change | Feb’17 | Y-o-Y % Change | Jan-Feb’18 | Jan-Feb’17 | % Change |
| Japan | 0.36 | 0.34 | 5.88% | 0.37 | -2.70% | 0.71 | 0.64 | 10.94% |
| Russia | 0.07 | 0.06 | 16.67% | 0.07 | 0.00% | 0.13 | 0.14 | -7.14% |
| United States | 0.04 | 0.09 | -55.56% | 0.09 | -55.56% | 0.13 | 0.15 | -13.33% |
| United Kingdom | 0 | 0.04 | -100.00% | 0 | _ | 0.04 | 0.04 | 0.00% |
| Others | 0.02 | 0.03 | -33.33% | 0.03 | -33.33% | 0.04 | 0.06 | -33.33% |
| Total | 0.49 | 0.56 | -12.50% | 0.56 | -12.50% | 1.05 | 1.03 | 1.94% |
Quantity In MnT,
Source: SteelMint Stats
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