South Korea: Ferrous Scrap Imports Hit 7-Months High in Sept’17

South Korea- world’s 3rd largest importer of ferrous scrap after Turkey and India has recorded highest scrap imports in past  seven months in Sept’17. As per recently released customs data, South Korea has witnessed a rise of 30% M-o-M in its ferrous scrap imports in Sept’17 and stood at 0.56 MnT against 0.43 MnT in Aug’17.

The country had imported 5.64 MnT ferrous scrap in CY16.

On yearly comparison, imports increased by 14% Y-o-Y as imports were at 0.49 MnT in Sept’16.

During period of first nine months (Jan-Sept’17) in CY17, South Korea’s ferrous scrap imports summed up to 4.30 MnT up marginally by 2%, as ferrous scrap imports amounted to 4.21 MnT during the same time frame in last year (i.e. Jan-Sept’16).During Q3-CY17 South Korea imported 1.39 MnT up by marginally Q-o-Q against 1.37 MnT imports during Q2-CY17. Imports up 6% Y-o-Y as it was at 1.48 MnT in Q3-CY16.

Japan continues to remain the largest ferrous scrap supplier to South Korea –

Japan continued to hold the leading share of ferrous scrap imports to South Korea. During Jan-Sept’17 Japan exported 2.91 MnT ferrous scrap to South Korea occupying 68% share in total ferrous scrap imports so far in CY17.

Russia’s share in South Korea scrap imports was 18% (0.76 MnT) followed by United States with 7% (0.30 MnT) during Jan-Sept’17.

While, Japan supplied 0.41 MnT ferrous scrap to South Korea in Sept’17. Russia remained the 2nd major exporter of ferrous scrap to South Korea with 0.10 MnT exports followed by US with 0.01 MnT ferrous scrap in Sept’17. Consecutively from last 5 months China has been exporting 0.01 MnT ferrous scrap to South Korea during May-Sept’17 respectively.

Country wise South Korea ferrous scrap Imports –

Fig in MnT
Provisional data
Source: SteelMint Stats, Customs