Asia Ferrous Scrap Trade Witnessed Mixed Trend in November

SEATTLE (Scrap Monster): The South Korean ferrous scrap imports totalled 385,000 tons in November last year, registering a decline by 6.1%, compared to the previous month. The rising prices and ongoing weakness in domestic demand contributed to the dip in imports. Meantime, the imports were up by 24.8% over the previous year. During Jan-Nov ’21, South Korea imported nearly 4.3 million tons of ferrous scrap.

The largest source of imports was Japan, accounting for 232,100 tons of South Korean imports during the month. In second place was the U.S. with 59,600 tons, followed by Russia, which supplied 41,500 tons.

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The data released by the Japanese Ministry of Finance (MoF) indicates that the country exported 480,000 tons of scrap in November 2021, falling by 6.7% month-on-month. The primary export destinations were South Korea (235,500 tons), Vietnam (169,100 tons) and Taiwan (25,400 tons). The cumulative scrap exports by the country totalled around 6.8 million tons in the Jan-Nov ’21 period.

The scrap imports by Pakistan surged higher significantly by 31% month-on-month to hit levels close to 456,000 tons in November last year, said the latest data published by the Pakistan Federal Bureau of Statistics (PFBS). The value of imports by the country totalled approximately $275.1 million.