Posted on 01 Jul 2016
The most recent data released by the Korea Customs and Trade Development Institution suggests that ferrous scrap exports by the country dropped significantly during the month of May this year. The exports were down by 43.5% when matched with the previous month and by nearly 5% over the same month last year.
The country’s scrap exports totaled 40,000 tons during the month, as compared with the exports of 42,000 tons during May 2015. The largest export destination for Korean scrap during the month was China. The scrap exports from Korea to China during the month totaled nearly 11,000 tons. The exports to China dropped sharply by nearly 16% year-on-year during May this year.
The cumulative scrap exports by Korea during the initial five-month period of the current year totaled 230,000 tons, nearly 20% higher when compared with the previous year. The monthly exports averaged at 46,000 tons. Going by the current rate, the country’s annual scrap exports are likely to total 550,000 tons during 2016.
Korea’s scrap exports had totaled 71,000 tons during April this year.
The country’s scrap exports totaled 30,947 tons during March this year. Month-on-month, the scrap exports have declined significantly by 33.5%. During Mar ‘16, India was the largest scrap importer from Korea. The scrap imports by India from Korea totaled 11,400 tons. The second largest importer of scrap from Korea in Mar ‘16 was China. The scrap imports by China from Korea totaled 9,156 tons. In third place was Japan. The Korean scrap steel exports to Japan totaled 3,689 tons.
The Korean scrap exports had registered significant jump during the month of February this year. According to government data, Korean scrap exports totaled 46,531 tons during the month. The scrap exports from the country had managed to defend the 40,000 tons level for second month in a row. The Feb ’16 scrap exports were up significantly by 23.7% when compared with a year before. The country’s scrap exports had totaled 38,000 tons during February last year.
The largest export destination of Korean scrap during February this year was Bangladesh. The scrap exports to Bangladesh totaled 19,250 tons during the month. The second largest importer of Korean scrap was India with 8,965 tons. The other major importers during the month were China (7,148 tons), Japan (5,291 tons), Pakistan (2,331 tons), Taiwan (1,495 tons) and Thailand (1,295 tons).
The country’s total scrap exports during January this year had amounted to 42,547 tons. The top importers during the month were Bangladesh (15,101 tons), India (10,583 tons), China (5,963 tons), Japan (5,180 tons), Pakistan (2,424 tons), Taiwan (2,195 tons) and Thailand (778 tons).
Meantime, the scrap exports by the EU-28 region registered jump of 16.4% over the previous year to 1.71 million tons during the month of April this year. When compared with the month before, the April exports were up by over 8%. The exports to Turkey totaled 1.044 million tons during the month, rising significantly by 28.5%. The EU-28 region’s scrap exports during the initial four-month period of the current year totaled 5.592 million tons. The largest destination of EU-28 scrap exports was Turkey. The exports to Turkey accounted for 56% of the total exports by the region during January to April this year.
