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Metal Recycling News March 27, 2017 10:30:51 AM

South Korea's scrap imports soared 58% in February

Anil Mathews
ScrapMonster Author
The country’s steel scrap imports totaled 577,000 tons during the month of February this year.

South Korea's scrap imports soared 58% in February

BEIJING (Scrap Monster): According to trade data released by Korean Customs Department, the country’s scrap steel imports surged higher significantly during the month of February 2017. The imports had registered considerable rise during January too. The imports touched the highest level in past fifteen months. The previous highest import tonnage was recorded in September 2015, said Customs data.

The country’s steel scrap imports totaled 577,000 tons during the month of February this year. The imports were up significantly by 58.3% over the previous year. The country had imported only 365,000 tons of scrap steel during February last year. Over the prior month, the imports registered a jump of nearly 19%. The country’s imports had totaled 484,000 tons during the first month of the current year.

The top supplier of scrap to South Korea during the month was Japan, traditionally the country’s largest scrap supplier for many months in a row. The imports from Japan totaled 375,000 tons, constituting nearly 65% of total South Korean imports. The South Korean imports of Japanese scrap increased significantly by 35% over the previous year. The imports from Japan had totaled around 278,000 tons in February 2016. The second major source of scrap imports was the US. The imports from the US totaled 92,000 tons, accounting for nearly 16% of the Korean imports. The scrap import volume from the US skyrocketed by nearly 800% when matched with the imports during the same month a year before.

Scrap Imports-Jan ‘17

The scrap import volumes by the country increased considerably during the month of January this year, when matched with the imports during the same month a year before. However, the imports dropped marginally when compared with the previous month. During January 2017, Korea imported 484,000 tons of scrap, 22% higher when compared with the imports during the same month a year before. The country’s scrap imports had totaled 397,000 tons in January 2016. When compared with the imports of 510,000 tons during December 2016, the imports during Jan ’17 reported 5.6% decline.

The largest exporter of scrap to Korea during Jan ’17 was Japan. The imports from Japan totaled 274,000 tons, accounting for nearly 57% of the total imports by Korea during the month. The imports from Japan surged higher by 15.5% when compared with the same month a year before. Japan’s scrap exports to South Korea had totaled 237,000 tons in January 2016. The second largest exporter of scrap to Korea was Russia. The imports from Russia surged higher significantly by 55.3% year-on-year to total 72,000 tons. Russia accounted for nearly 15% of the total South Korean scrap imports during Jan ’17.

Scrap Imports-Dec ‘16

The monthly scrap imports surged higher significantly in December 2016. The imports totaled 510,000 tons during the month, considerably higher by over 30% when matched with the same month a year before. The imports were up by 10.3% over the previous month. The South Korean scrap imports had totaled 464,000 tons during November 2016.

The largest supplier of scrap to South Korea was Japan. The imports from Japan registered 42% jump year-on-year during the month to total 357,000 tons. Imports from Japan accounted for 70% of the total imports by South Korea during December last year. The imports from Russia skyrocketed by 177% upon comparison with the same month in 2015. The imports from the country totaled 102,000 tons, representing 20% of total South Korean imports during the month.

The cumulative steel scrap imports by Korea during the entire year 2016 had totaled around 5.8 million tons. This was marginally higher by 1.7% when compared with 2015. Korea had recorded year-on-year jump in scrap imports for the first time in four years in 2016.

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