Japan: Ferrous scrap exports see a decline of 24% m-o-m in November

Japan's ferrous scrap exports stood at 480,617 t in Nov'22, a decrease of 24% m-o-m as compared against Oct'22 which was around 634,775 t. South Korea continued to be the largest importer followed by Taiwan and Vietnam respectively.

A noticeable fall in export volume to Vietnam, Malaysia, China as well as India resulted a sharp decline in gross volume for the month.

The country's ferrous scrap exports were slightly up by 4% y-o-y from 460,512 t in Nov'21 as compared to Nov'22.

Country-wise exports

• Exports to South Korea fall m-o-m: The export volume from Japan stood at 265,725 t in Nov'22, although saw a decrease of 6% m-o-m as against 281,653 t in Oct'22. As major mills in Korea were actively procurring domestic material due to its cost competativeness buyers were away from overseas market. On a y-o-y basis, export volumes were up by 17% from 227,072 t in October 2021.
  
  
• Exports to Taiwan rise m-o-m: Japan's export to Taiwan were at 67,486 t in Nov'22, a rise of 7% from 62,772 t in Oct'22. There was an increase of 220% y-o-y from Nov'21 as compared against November 2022.
  
  
• Exports to Vietnam down m-o-m: Export volume of Japan was at 59,138 t down by 58% in Nov'22 as compared to Oct'22 which was around 140,443 t. Buyers were reluctant to buy Japanese material due to bid-offers disparity. The y-o-y volume stood at 169,132 t in Nov'21, a fall of 65% was recorded in November 2022.
  
  

Japanese H2 scrap prices slightly up: The monthly average price stood at JPY 49,275/t FOB in October, up by JPY 575/t against the previous month.

Outlook
As per market participants the Japanese scrap prices might be down due to weak domestic demands and major importing countries could procure more from domestic for winter restocking for upcoming construction season.