SEOUL: As per the most recent data, the scrap imports by South Korea during the month of March this year dropped sharply over the previous year. Also, the scrap imports by the country during the initial three-month period declined when compared with the imports during the corresponding period a year ago. The imports during the month hit the lowest level since November 2000.
The country’s total scrap imports during March this year amounted to 373,000 tons. The imports were down 43.3% when compared with the same month last year.
During Mar ‘15, Japan was the largest scrap exporter to Korea. The scrap imports from Japan totaled 244,000 tons, accounting for more than 65% of the country’s total scrap imports. The scrap imports from Japan dropped sharply by 27.6% year-on-year. The second largest exporter of scrap to South Korea was Russia. The scrap imports by the country from Russia totaled 55,000 tons, dropping marginally by 0.50% over the year.
The cumulative scrap imports by South Korea during the initial three-month period during the year totaled 1.19 million tons, 47.8% lesser when compared with the imports during the corresponding three-month period in 2014. The South Korean scrap imports are estimated to total 7.10 million tons during the whole year 2015.
