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South Korea's ferrous scrap imports drop by 13% in Mar'24

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Melting Scrap

BigMint Bureau

97 Reads

17 Apr 2024, 18:34 IST

South Korea's ferrous scrap imports drop by 13% in Mar'24

In March 2024, South Korea witnessed a drop in ferrous scrap imports to 173,641 tonnes (t). This figure represents a nominal decrease of 13% from the 198,909 t reported in February. Similarly, on a yearly basis, there was a significant drop of 48% compared to 335,708 t imported in March 2023.

It is worth noting that the primary sources of these imports were Japan, Russia, and the US, with Japan contributing the majority share, accounting for 83% in March.

Country-wise imports

Imports from Japan down 17% m-o-m: In March, South Korean mills experienced a notable dip in scrap imports from Japan, receiving around 143,295 t. This represents a 17% decline compared to February when imports amounted to 172,914 t. Moreover, on a y-o-y basis, imports also dropped by 38% from March 2023, which saw imports totalling 232,277 t.

Imports from Russia up by 2%: In March, imports from the US amounted to 16,500 t, representing a slight increase of 2% compared to 16,120 t reported in the previous month. Additionally, compared to March 2023, scrap imports from the US sharply decreased by 43%, down from 28,906 t.

Billet exports down, imports rise

South Korea's steel billet exports declined by 67% m-o-m to 19,502 t in March as against 58,557 t in February, as per data released by Customs. Japan was the largest importer with 14,796 t followed by Mexico with 4,687 t. Similarly, export volumes decreased by 48% y-o-y from 37,688 t in March 2023.

South Korea's steel billet imports increased by 6% m-o-m to 140,325 t in March as against 132,215 t in February. Japan was the largest exporter with 81,957 t, followed by Russia with 17,552 t, while volumes from China in March stood at 6,618 t. Meanwhile, import volumes decreased by 5% y-o-y from 148,181 t in March 2023.

Outlook

In April, South Korean mills are expected to maintain a range-bound trend in imported scrap volume. Sources suggested that, due to fluctuating inventories, demand for ferrous scrap might remain subdued in the near term.