Vietnam overtakes South Korea as Japan’s largest ferrous scrap importer

Japan’s ferrous scrap exports witnessed an increase of 13% m-o-m in Mar’21. The country exported 0.7 mn t of scrap in Mar’21 as against 0.62 mn t in Feb’21, as per the data maintained with SteelMint. Vietnam overtook South Korea and became the largest importer at 0.24 mn t. However, the Japanese scrap export fell by 17% on y-o-y basis in Mar’21, due to volatility in freight rates.