Japan’s ferrous scrap exports dropped by 32pc to 663,882mt in November from the prior year. The exports declined by 2.59pc to 6,892,234mt in November from 2018, in the Jan-Nov period, according to Davis Index analysis.
South Korea was the largest market for Japanese steel scrap, followed by Vietnam and Taiwan. In Jan-Nov 2019, Japan’s import to China fell by 95.58pc to 41,378mt to became the tenth-largest importer of scrap from Japan, down from the third in 2018 during the same period. Japan’s exports to South Korea declined by 2.33pc in the Jan-Nov period to 3,634,002mt from the prior year.
Japan-Korea trade was marred by radiation scare. Post the Fukushima nuclear disaster, trade disputes emerged between the two countries with South Korea imposing checks on Japanese scrap imports for radiation and slowing down customs clearance. China’s large ferrous scrap market too became infeasible, as the government issued scrap metal import quotas.
In other exports, crude steel and semis fell by 2.66pc to 3,437,681mt in November, and by 6.80pc to 38,336,492mt in Jan-Nov, compared to the year prior. Exports of finished iron and steel in Jan-Nov declined by 11.48pc to 7,561,108mt compared to 2018. The exports in November dropped by 17.64pc to 639,776mt from 2018.