South Korea's ferrous scrap imports surge 27% m-o-m in April

South Korea's ferrous scrap imports surged by 27% in April, reaching 219,757 tonnes (t) compared to 173,641 t in March, according to the latest Customs data. However, y-o-y, imports dropped by 4% from 229,809 t recorded in April 2023.

For the first four months of this year, total scrap imports amounted to 719,784 tonne (t), marking a significant 43% decline from the 1,268,666 t imported during the same period in 2023.

Country-wise imports

Imports from Japan up 5% m-o-m: Imports from Japan into South Korea increased by approximately 5% in April, reaching 150,262 t, up from 143,295 t in March. However, on a y-o-y basis, imports fell by 19% compared to 185,660 t recorded in April 2023.

Imports from the US: Korean mills imported approximately 34,997 t of ferrous scrap from the US in April, representing a staggering increase of over 300% compared to just 8,050 t in March. On a y-o-y basis, ferrous scrap imports surged by over 90% from the 18,138 t recorded in April 2023.

Imports from Russia: Scrap imports from Russia reached approximately 28,335 t in April, marking a significant increase of around 72% compared to 16,500 t in the previous month. Y-o-y imports surged by 98% from 14,294 t recorded in April 2023.

Billet exports, imports

South Korea's steel billet exports declined by 3% m-o-m to 18,961 t in April compared to 19,502 t a month ago, as per data released by Customs. Japan was the largest importer with 15,319 t followed by Mexico with 3,571 t. Similarly, export volumes decreased by 65% y-o-y from 54,865 t in April 2023.

South Korea's steel billet imports decreased by 34% m-o-m to 92,455 t in April as against 140,325 t in March. Japan was the largest exporter with 67,215 t, followed by China with 17,657 t, while volumes from Russia in April stood at 7,484 t. Meanwhile, import volumes decreased by 10% y-o-y from 102,188 t in April 2023.