Southeast Asia: Ferrous scrap import volumes drop 7% q-o-q in Q1CY’25

• Japan remains top supplier to Vietnam despite a 2% dip
• Hong Kong’s scrap exports to Indonesia drop sharply by 62%

In Southeast Asia, overall ferrous scrap imports experienced a modest 7% q-o-q decline, dropping to 1.93 million tonnes (mnt) in Q1CY25, down from 2.07 mnt in Q4CY24. On a y-o-y basis, imports remained largely stable.

Out of Southeast Asia’s total ferrous scrap imports for Q1, Vietnam accounted for the largest share at 65%, followed by Thailand with 25%, and Indonesia contributing the remaining 10%.

Country-wise break-down

Vietnam: Vietnam’s ferrous scrap imports experienced a modest 3% q-o-q decline, dropping to 1.25 mnt in Q1, down from 1.29 mnt in Q4CY’24. Y-o-y, imports fell by 11%, compared to 1.41 mnt in Q1CY24.

Japan remained Vietnam’s top ferrous scrap supplier in Q1, with imports declining by 2% q-o-q to 785,132 t from 801,504 t in Q4CY24. Imports from Hong Kong rose by 8% to 114,092 t from 105,892 t. The United States recorded a 6% increase to 140,380 t from 132,409 t, while Australia’s exports grew 9% to 101,087 t from 92,653 t.

Crude steel production: Vietnam’s crude steel production reached 5.72 mnt in Q1, maintaining stability compared to Q4CY’24.

Thailand: Thailand’s ferrous scrap imports experienced a robust 51% q-o-q surge, rising to 0.48 mnt in Q1 from 0.32 mnt. Y-o-y, imports saw an impressive 66% increase from 0.29 mnt in Q1CY24.

The United States emerged as the dominant ferrous scrap exporter to Thailand in Q1, accounting for 40% of total imports. Japan contributed 14%, followed by Australia at 14% and Canada at 7%. The remaining 30% of imports were sourced from various other countries.

The United States recorded a 42% q-o-q increase in ferrous scrap exports to Thailand, reaching 192,670 t in Q1 from 136,056 t in Q4. Australia also saw a 42% rise, with volumes climbing to 49,152 t from 34,671 t. Exports from Canada doubled to 33,608 t from 16,543 t, while Japan’s shipments also doubled to 65,327 t from 35,251 t.

Crude steel production: Thailand’s crude steel production stood at 1.23 mnt in Q1, remaining largely stable compared to Q4.

Indonesia: Indonesia’s ferrous scrap imports experienced a significant 58% q-o-q decline, falling to 0.19 mnt in Q1 from 0.47 mnt in Q4. On a y-o-y basis, imports decreased by 17%, down from 0.23 mnt in Q1CY24.

In terms of total ferrous scrap exports to Indonesia in Q1, Hong Kong held the largest share at 35%, followed by Australia and Singapore, each contributing 23%. Japan accounted for 17% of the total exports, while the remaining 2% came from other sources.

Hong Kong’s exports saw a significant 62% q-o-q drop, falling to 43,441 t in Q1. Australia’s exports dropped by 60% q-o-q to 63,942 t from 160,006 t. Singapore’s exports declined by 41%, dropping to 44,614 t from 75,951 t. Japan saw a 66% q-o-q decrease, with exports falling to 32,234 t from 95,882 t.