South Korea: Ferrous Scrap Imports Marginally Down in Q3 2018
Scrap imports from US jump three fold and from Japan fall 14% in Q3'2018.
South Korea - world’s 2nd largest ferrous scrap importer after Turkey has witnessed marginal fall in scrap imports by 4% Q-o-Q in Q3’2018. Country imported 1,531,415 MT ferrous scrap in Q3 as against 1,589,581 MT imports recorded in during Q2’18. On yearly premises, scrap imports climbed up 4% Y-o-Y in Q3’2018 as against 1,398,472 MT during Q3’2017.
As per recently released customs data, South Korea imported 508,750 MT ferrous scrap in Sept’18 down 4% M-o-M as against 531,346 MT imports recorded in Aug’18. On yearly basis, imports fell 9% Y-o-Y in Sept'18 against 562,039 MT ferrous scrap in Sept'17.
Japan remained the largest ferrous scrap supplier to South Korea - Japan exported 292,079 MT in Sept’18, down 12% M-o-M as against 330,312 MT in Aug’18. Japan occupied 57% share of total scrap imports to South Korea. Japanese scrap prices remained bullish and domestic demand remained strong resulting in falling exports. South Korean steelmakers continued buying high grade scrap from the spot market instead of presenting bids.
United States remained second largest supplier witnessing rise of 87% M-o-M in scrap exports to South Korea. US exports recorded at 166,480 MT in Sept’18 as against 89,067 MT in Aug’18.
Russia observed impact of exports ban registering 63% M-o-M fall in Sept’18. It remained third largest exporter and supplied just 27,999 MT hitting lowest of CY18. While other major exporters like United Kingdom and New Zealand witnessed nil scrap exports in Sept’18 to South Korea.
Outlook - South Korean scrap imports from US may remain strong as major Steelmakers like Hyundai and Dongkuk Steel continue procuring monthly around two bulk cargoes over higher Japanese scrap prices. While amid sufficient inventories in hand domestic scrap prices likely to remain weak in South Korea. Japanese domestic demand also likely to remain strong on mega construction activities.
South Korean scrap imports climb 8% during Jan-Sept’18 - During first three quarters of CY18, South Korea imported 4.64 MnT ferrous scrap, up by 8% Y-o-Y as against 4.30 MnT imports recorded during the same period last year. United States supplied almost doubled ferrous scrap to South Korea during Jan-Spet'18 as against last year.
According to World Steel Association, the country produced 54.18 MnT crude steel during first three quarters of CY18 which has climbed by 2% Y-o-Y. South Korea produced 5.85 MnT crude steel in Sept'18 down 4% M-o-M.
source: SteelMint
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