South Korea's ferrous scrap imports down over 20% in July

South Korea's ferrous scrap imports stood at 318,994 tonnes (t) in July 2023, registering a sharp fall of 23% m-o-m against 415,343 t a month ago. Import volumes were largely stable against 317,727 t in the corresponding period of last year.

Country-wise scrap imports

Country-wise data show variations in imports from different countries. Import volumes from Japan, the US, and Russia all decreased m-o-m.

Japan: South Korea's scrap imports from Japan totalled 252,116 t in July, down by over 54,000 t or 18% m-o-m. However, scrap import volumes surged 41% y-o-y against 179,290 t in the year-ago period. In the first seven months of the current calendar year, scrap imports were 1.72 mnt, down nearly 6% y-o-y.

US: Ferrous scrap imports from the US declined 6% to 43,939 t in July as against 46,533 t a month ago. Scrap imports plunged 42% y-o-y against 75,723 t compared with in July'22. In the January-July period, import volumes stood at 257,511 t, down 43% against 450,997 t seen in the corresponding period of last year.

Russia: Ferrous scrap imports from Russia decreased from 46,969 t in June to 8,948 t in July, a sharp fall of 81%. On an annualised basis too, import volumes declined significantly by 65% against 25,287 t in July'22. During the first seven months of 2023, total imports stood at 189,189 t, down 25% in comparison with 251,346 t seen in the year-ago period.

Steel billet imports down 24% in Jul'23

South Korea's steel billet imports fell by 24% m-o-m to 105,315 t in July compared to 138,979 t in June, as per Customs data maintained with SteelMint. Japan emerged as the largest exporter at 76,984 t followed by China at 26,830 t. Meanwhile, cumulative import volumes decreased by 21% y-o-y to 834,408 t as compared to 1.06 mnt in the year-ago period.