Japan's scrap imports soared 80% in Feb '14: MoF data

TOKYO (Scrap Monster): As per the latest statistics released by the country’s Ministry of Finance (MoF), Japan’s scrap imports surged higher during the month of February this year. The Japanese scrap imports were up 79.5% when compared with the imports during same month a year ago. The scrap imports by the country during February ’14 totaled 146,100 tons.

The largest scrap exporter to Japan was the US. The US scrap exports to Japan totaled 60,800 tons during the month. The scrap imports from the US accounted for over 40% of the total imports by the country during Feb ’14. The second biggest source of scrap imports by Japan was Hong Kong. The scrap imports from Hong Kong totaled 42,600 tons. The scrap imports from South Korea and Singapore totaled 15,900 tons and 15,100 tons respectively.

The cumulative scrap imports by Japan during the initial two-month period of the year amounted to 257,000 tons.

On the other hand, the country’s scrap exports totaled 475,000 tons during the month. The exports have dropped by 43.2% when compared with the exports during the same month a year ago. Upon comparison with the previous month, Feb ’14 exports remained more or less flat, rising marginally by 2.8%.