SEOUL: The most recent data released by the Korea Customs and Trade Development Institution suggests that ferrous scrap exports by the country climbed higher during the first quarter of the current year. However, monthly exports during the month of March 2016 declined sharply when compared with the month before.
The country’s scrap exports totaled 30,947 tons during March this year. This is the first time that scrap exports by the country has dropped below 40,000 tonnes since the beginning of this year. Month-on-month, the scrap exports have declined significantly by 33.5%. The Korean scrap steel exports had totaled 46,531 tons during February this year. During Mar ‘16, India was the largest scrap importer from Korea. The scrap imports by India from Korea totaled 11,400 tons, accounting for nearly 36.84% of the country’s total scrap exports. The scrap imports from Korea during the month were up by 27.2% month-on-month.
The second largest importer of scrap from Korea in Mar ‘16 was China. The scrap imports by China from Korea totaled 9,156 tons, rising sharply by over 28% when compared with February 2016. The top two scrap importers from Korea accounted for nearly 66% of the total exports by the country during the month. In third place was Japan. The Korean scrap steel exports to Japan totaled 3,689 tons, dropping significantly by 30% when compared with the exports during February this year.
The other key importers of Korean scrap during the month were Pakistan (2,201 tons), Thailand (2,005 tons), Taiwan (1,331 tons), Indonesia (922 tons), Vietnam (78 tons) and Hong Kong (34 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. When matched with the month before, Korea’s scrap exports in Feb ’16 were up by 9.6%. The country had exported 42,547 tons of scrap during January this 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, accounting for nearly 43% of the total scrap exports by Korea during the month. The Korean scrap exports to Bangladesh surged higher by 30% over the previous month. The exports had totaled 15,101 tons in January this year. 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).
