South Korea: Ferrous Scrap Imports Hit Highest in Dec'17
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Ferrous scrap imports recorded in Dec'17 hit highest since Sept'14, while yearly ferrous scrap imports in CY17 were highest since last three years.
South Korea- world's 2nd largest importer of ferrous scrap after Turkey has witnessed 39 months' highest ferrous scrap imports in Dec'17. As per recently released customs data, South Korea has imported 0.59 MnT ferrous scrap in Dec'17. Earlier to this, imports were recorded highest at 0.67 MnT in September 2014.
South Korean ferrous scrap imports increased by 20% Y-o-Y in Dec'17 against 0.49 MnT ferrous scrap imports in Dec'16. While the country witnessed rise of 16% M-o-M against 0.51 MnT ferrous scrap imports in Nov'17.
Over the span of CY17, South Korea imported 5.90 MnT ferrous scrap which is highest among ferrous imports since last three years. In CY14, South Korea imported 7.73 MnT followed by 5.46 MnT and 5.64 MnT ferrous scrap imports in CY15 and CY16 respectively. Thus, South Korea witnessed a marginal growth of 5% Y-o-Y in scrap imports in CY17 as against imports in CY16.
Rise in scrap imports could be attributed to rising scrap demand by major steelmakers in South Korea with rising crude steel production. According to the data released by World Steel Association, crude steel production in South Korea stood at 64.48 MnT during Jan-Nov'17 compared to 62.71 MnT in the same time frame of last year, which was up marginally by 3% Y-o-Y.
Japan remained the largest ferrous scrap supplier to South Korea -
Japan continued to export highest ferrous scrap to South Korea again in Dec'17. Japan supplied 0.39 MnT ferrous scrap to South Korea with 34% M-o-M rise in Dec'17, followed by other major exporters like Russia (0.12 MnT), United States (0.05 MnT) and China (0.01 MnT) respectively in Dec'17.
Russia raised ferrous scrap exports by 71% M-o-M in Dec'17 while United States exports fell 44% M-o-M to South Korea during the same period.
During Jan-Dec'17, Japan exported highest 3.90 MnT ferrous scrap occupying 66% share in total ferrous scrap imports in South Korea.Russia remained second-largest scrap exporter and its share in South Korea scrap imports was 17% (1.02 MnT) followed by United States with 8% (0.50 MnT) in CY17 respectively.
Country wise South Korea ferrous scrap imports -
| Country | Dec'17 | Nov'17 | M-o-M % Change | Dec'16 | Y-o-Y % Change | Jan-Dec'17 | Jan-Dec'16 | % Change |
| Japan | 0.39 | 0.29 | +34.48% | 0.35 | +11.43% | 3.90 | 3.34 | +16.77% |
| Russia | 0.12 | 0.07 | +71.43% | 0.10 | +20.00% | 1.02 | 1.03 | -0.97% |
| United States | 0.05 | 0.09 | -44.44% | 0.01 | +400.00% | 0.50 | 0.87 | -42.53% |
| China | 0.01 | 0.01 | 0.00% | _ | _ | 0.10 | _ | _ |
| New Zealand | 0 | 0.02 | -100.00% | _ | _ | 0.06 | _ | _ |
| Others | 0.02 | 0.03 | -33.33% | 0.03 | -33.33% | 0.32 | 0.40 | -20.00% |
| Total | 0.59 | 0.51 | +15.69% | 0.49 | +20.41% | 5.90 | 5.64 | +4.61% |
Quantity in MnT,
Source: SteelMint Stats
