Korea's steel scrap imports are expected to continue rise this year following 2018. Under the Korea Iron and Steel Association, the January import of ferrous scrap increased 2.7 percent totaling 605,877 metric tons, from a year ago.
By source, the import from Japan, Russia and others increased while the US-sourced import decreased. Import from Japan increased 24.8 percent to 437,861 metric tons, while those imported from the US downed by 27.2 percent to 66,600 metric tons. Steel scrap arrived from Russia was 62,656 metric tons, the 0.1 percent year on year gain.
In the second half last year, the import quantities of scrap from US increased sharply, but showed hesitant entering into this year, while imports from Japan attracted two digits more in line with the risings of orders from the domestic mini-mills. “Last year’s scrap price dropped from the US and on average on the weakness of international scrap market situations, thereby domestic mini-mills were busy to acquire imports in a bid to stock sufficiently. This year’s import trends will focus on the import from Japan, probably,” said the international scrap experts.
Meanwhile, last year’s scrap import totaled 6,392,641 metric tons, up 3.8 percent a year ago, averaging 530,000 tons level a month, and $370 per ton during the same period. By import source, import from major sources increased except for Russia. Japan-sourced scrap arrived in a total of 4,040,787 metric tons, while the US scrap increased sharply as much as 69.2 percent to 871,769 metric tons, but import from Russia decreased 9.3 percent to 923,442 metric tons respectively.
Source: Steel&Metal News |
