Japan: Ferrous scrap exports drop 8% y-o-y in H1CY'24

Japanese ferrous scrap exports totalled 3.06 million tonnes (mnt) in the first half of 2024, an 8% decrease y-o-y from 3.32 mnt in the same period last year. However, exports increased by 17% m-o-m, rising to 0.58 mnt in June 2024 from 0.50 mnt in the previous month. On a y-o-y basis, exports stood at 0.58 mnt, marking a slight decrease of 4% compared to 0.60 mnt in the previous year.

Japanese H2 scrap export offers declined by JPY 1,515/t ($10/t) FOB m-o-m, reaching JPY 50,025/t ($336/t) FOB in the last week of June, down from JPY 51,540/t ($346/t) FOB in the last week of May.

Country-wise exports

Exports to Vietnam rise: Scrap exports from Japan to Vietnam stood at 1.24 mnt in the first half of 2024, marking a 60% increase y-o-y from 0.77 mnt in the same period last year. In June 2024, exports reached 0.24 mnt, up 35% m-o-m from 0.17 mnt in May. Additionally, June saw a significant 131% y-o-y surge in exports compared to 0.10 mnt in June of the previous year.

South Korean imports fall: In H1CY'24, ferrous scrap exports to South Korea totalled 0.12 mnt, down 46% compared to 1.47 mnt in the same period last year. On a m-o-m basis, exports surged 57% in June to 0.128 mnt, up from 0.08 in the previous month. However, on yearly basis, scrap exports plunged 58% against 0.30 mnt in the same month of last year.

Exports to Taiwan: Japanese scrap exports to Taiwan totalled 0.33 mnt in H1CY'24, down 27% y-o-y from 0.46 mnt in the same period last year. Exports reached 0.03 mnt in June 2024, a significant 67% decrease m-o-m compared to 0.11 mnt in the previous month. Additionally, June exports of 0.03 mnt witnessed a notable 65% decline y-o-y via-a-vis 0.10 mnt in June 2023.