South Korean scrap imports up 5.2% in July '14, says data

SEOUL (Scrap Monster): As per the most recent data, the scrap imports by South Korea during the month of July this year rose marginally over the previous year. However, the scrap imports by the country during the initial seven-month period declined when compared with the imports during the corresponding period a year ago.

The country’s total scrap imports during July this year amounted to 761,000 tons. The imports were up 5.2% year on year.

During July ‘14, Japan was the largest scrap exporter to Korea. The scrap imports from Japan totaled 407,000 tons, accounting for more than 54% of the country’s total scrap imports. The scrap imports from Japan increased by 26.7% year-on-year. The second largest exporter of scrap to South Korea was Russia. The scrap imports by the country from Russia totaled 109,000, rising by 2.1% over the year.

The cumulative scrap imports by South Korea during the initial seven-month period during the year totaled 5.06 million tons, 8.3% lesser when compared with the imports during the corresponding seven-month period in 2013.

The Korean scrap imports are estimated to total 8.69 million tons during the whole year 2014.