Korean scrap imports record substantial decline in March

BEIJING (Scrap Monster): According to trade data released by Korean Customs Department, the country’s scrap steel imports declined sharply over the previous month during the month of March 2017. The imports had registered considerable rise in February, touching the highest level in past fifteen months. When matched with the same month a year before, the Mar ’17 scrap imports were up by nearly 11%.

The scrap import volumes by the country increased during the month of March this year, when matched with the imports during the same month a year before. However, the imports dropped when compared with the previous month. During March 2017, Korea imported 541,000 tons of scrap, 10.9% higher when compared with the imports during the same month a year before. The country’s scrap imports had totaled only 488,000 tons in March 2016. When compared with the imports of 577,000 tons during February 2017, the imports during Mar ’17 reported 6.3% decline.

The largest exporter of scrap to Korea during Mar ’17 was Japan. The imports from Japan totaled 353,000 tons, accounting for more than 65% of the total imports by Korea during the month. The imports from Japan surged higher by 28.9% when compared with the same month a year before. Japan’s scrap exports to South Korea had totaled 274,000 tons in March 2016. The second largest exporter of scrap to Korea was Russia. The imports from Russia declined considerably by 13.1% year-on-year to total 19,000 tons. Russia accounted for nearly 4% of the total South Korean scrap imports during Mar ’17.

Scrap Imports-Feb ‘17

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

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, surging higher by 15.5% when compared with the same month a year before. 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.