Steel scrap imports by Korea surged 22% in January

SEATTLE (Scrap Monster): The latest data released by the Korean Customs Department suggests that scrap steel imports by the country continued to rise during first month of 2017. The country’s scrap imports had recorded marginal uptick of 1.7% during 2016. Also, the imports had registered month-on-month rise during December last year.

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

Scrap Imports-Nov ‘16

According to Korean Customs Department data, the country imported 464,000 tons of scrap in November, 20% higher when compared with the imports during the same month a year before. The country’s scrap imports totaled 387,000 tons in November last year. When compared with the imports of 513,000 tons during October 2016, the imports during Nov ’16 declined sharply by 9.8%.

The largest exporter of scrap to Korea during the month was Japan. The imports from Japan totaled 240,000 tons, accounting for nearly 52% of the total imports by Korea during the month. The imports from Japan surged higher by 24.1% when compared with the same month a year before. Japan’s scrap exports to South Korea totaled 193,000 tons in November 2015. The second largest exporter of scrap to Korea was the US. The imports from the US surged higher significantly by 48% year-on-year to total 99,000 tons.