South Korea’s ferrous scrap imports dropped to 317,056mt in March, down by 14pc from February, while down by 35pc from the prior year, according to customs data.
In March, Japan topped the list of ferrous scrap exporters to South Korea, followed by Russia and Thailand. While imports from the US nosedived on higher offer prices. Imports from Japan fell to 239,955mt, down by 6pc from February and 27pc from the prior year. Mills in South Korea focused on bulk purchases from Japan amid high offers, increased freight for US-origin scrap.
Import from Russia at 26,654mt, down by 37pc and 57pc from the prior month and the prior year, respectively. In March, imports from Thailand more than double to 18,229/mt from February.
Ferrous scrap exports from the US to Korea were 9,454mt compared to 43,611 in February and down by 83pc from a year ago. Shortage of empty containers in the US West Coast and strong demand for scrap in the US domestic market reduced offers to Asian destinations.
| South Korea’s ferrous scrap import in March | |||||
|---|---|---|---|---|---|
| Unit: mt | Mar-21 | Feb-21 | Change MoM | Mar-20 | Change YoY |
| Japan | 2,39,955 | 2,56,141 | -6% | 3,30,292 | -27% |
| Russia | 26,654 | 42,559 | -37% | 62,254 | -57% |
| Thailand | 18,229 | 8,247 | 121% | 6,541 | 179% |
| US | 9,454 | 43,611 | -78% | 54,677 | -83% |
| Taiwan | 5,567 | 5,745 | -3% | 1,575 | 253% |
| Mexico | 2,162 | 1,018 | 112% | 640 | 238% |
| Philippines | 1,969 | 2,318 | -15% | 1,132 | 74% |
| Yemen | 1,949 | – | 100% | 351 | 455% |
| Vietnam | 1,158 | 932 | 24% | 697 | 66% |
| Others | 9,960 | 7,982 | 25% | 32,989 | -70% |
| Total | 3,17,056 | 3,68,552 | -14% | 4,91,146 | -35% |