Asian Countries Posted Substantial Dip in Scrap Imports

SEATTLE (Scrap Monster): The scrap import volumes by Asian countries witnessed notable decline in the month of November last year.

The recent statistics published by the Japanese Ministry of Finance (MoF) suggests that the country imported 4,300 tons of scrap in November, significantly down by 15.2% from November last year. The major scrap supplier was South Korea, which accounted for supplies totalling 2,100 tons. The combined imports during the eleven-month period from January to November last year totalled 44,000 tons. This was down significantly by over 57% from the corresponding period in 2019.

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Thailand’s scrap imports stood at around 108,000 tons during the month, dropping significantly by 12% from the prior month. The imports from Japan surged higher by 13% month-on-month to total 14,800 tons. Another major source of imports was the U.S.

The government statistics published yesterday indicates that South Korea’s scrap imports dropped substantially by 20% month-on-month to 280,000 tons in November 2020. The scrap imports from the U.S. registered 24% surge, mainly on account of robust bulk scrap purchase, triggered by high prices in Japan. The main source of scrap imports was Japan, whose total exports to South Korea totalled 200,000 tons.