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Metal Recycling News September 04, 2015 10:30:44 AM

South Korea's ferrous scrap imports dropped further in July

Paul Ploumis
ScrapMonster Author
The South Korean imports of ferrous scrap registered sharp decline year-on-year during the month of July this year.

South Korea's ferrous scrap imports dropped further in July

SEOUL (Scrap Monster): As per the most recent data, the ferrous scrap imports by South Korea during the month of July this year dropped sharply over the previous year. Also, imports inched lower higher when matched with the previous month. Also, the scrap imports by the country during the initial seven months of the current year declined sharply when compared with the imports during the corresponding period a year ago.

The country’s total scrap imports during July this year amounted to 558,227 tons. The imports were down sharply by 26.6% when compared with the same month a year ago. South Korean scrap imports had totaled 760,527 tons during July last year. Also, scrap imports during July ’15 dropped significantly lower by nearly 2.3% when compared with the imports of 571,429 tons during June this year.

During July ‘15, Japan was the largest scrap exporter to South Korea. The scrap imports from Japan totaled 319,494 tons, accounting for more than 57% of the country’s total scrap imports. The scrap imports from Japan dropped by 21.5% year-on-year.

The second largest exporter of scrap to South Korea was Russia. The scrap imports by the country from Russia totaled 102,726 tons, down by 5.9% when compared with the previous year imports. In third place was the US with supply volume of 54,046 tons. The South Korean ferrous scrap imports from the US plunged by 26% year-on-year during the month.

The cumulative scrap imports by South Korea during the initial seven-month period during the year totaled 3.335 million tons, 34.2% lesser when compared with the imports during the corresponding seven-month period in 2014. The country had imported 5.068 million tons of ferrous scrap during January to July in 2014.

The scrap imports by South Korea are estimated to total around 5.70 million tons during the entire year 2015.

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