Japan’s June ferrous scrap exports increased to 748,609mt, up by 7pc from May while down by 15pc from a year ago. The ramp-up of steelmaking in Asian nations drove demand for Japanese scrap.
In June, South Korea was the top importer of scrap from Japan with imports of 299,743mt, followed by Vietnam at 248,204mt and China at 80,490mt. Korean imports in June rose from May as well as a year ago up by 40pc and 15pc, respectively. A tight supply of scrap from the US and other destinations due to strong domestic markets encouraged Korean mills to source more from Japan.
Chinese buyers continued purchases from Japan after a dip seen in May. Imported increased by 70pc in June compared to May. A strict focus on reducing carbon emission is expected to increase scrap demand from China.
The worsening COVID-19 situation in Japan as well as in neighboring importing countries is likely to dampen trading sentiment in early August.
|Japan’s ferrous scrap exports in June 2021|
|Importers||Jun-21||May-21||Change MoM||Jun-20||Change YoY|