South Korea: Ferrous Scrap Imports Up 8% M-o-M in Aug’17

South Korea is world’s 3rd largest importer of ferrous scrap after Turkey and India. As per recent customs data, South Korea has witnessed a rise of 8% M-o-M in its scrap imports in Aug’17 against imports in Jul’17.The country had imported 5.64 MnT ferrous scrap in CY16.

South Korea imported 0.43 MnT ferrous scrap in Aug’17 against 0.40 MnT imports in Jul’17.On yearly comparison, Imports declined by 19% Y-o-Y as imports was 0.53 MnT in Aug’16.

During the period of first eight months (Jan-Aug’17) in CY17, South Korea’s ferrous scrap imports summed up to 3.74 MnT up marginally by 1%, as ferrous scrap imports amounted to 3.72 MnT during the same time frame in last year (i.e. Jan-Aug’16).

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-Aug’17 Japan exported 2.50 MnT ferrous scrap to South Korea occupying 67% share in total ferrous scrap imports so far in CY17.While Japan supplied 0.29 MnT ferrous scrap to South Korea in Aug’17.

Russia’s share in South Korea scrap imports was 18% (0.66 MnT) followed by United States at 8% (0.29 MnT) during Jan-Aug’17.Russia remained the 2nd major exporter of ferrous scrap to South Korea at 0.09 MnT exports in Aug’17 unchanged M-o-M basis.

South Korea continued to import Chinese ferrous scrap in Aug’17-

Consecutively from last 4 months, China has been exporting 0.01 MnT ferrous scrap to South Korea during May-Aug’17 respectively.

South Korean ferrous scrap import prices remained lifted in Jul’17 –

South Korea’s leading steel mill Hyundai Steel lifted Japanese H2 scrap import prices twice in Jul’17.Average buying prices stood at USD 262/MT (Yen 29,000) in Jul’17.while offers were averaged at USD 225/MT (Yen 25,000) in Jun’17.In Aug’17 offers assessed at USD 295/MT (Yen 32,500) on a monthly average basis.

Countrywise South Korea ferrous scrap imports – 

Quantity In MnT
Source:SteelMint Stats.