Ferrous Scrap Exports and Imports in Asia a Mixed Bag in 2021

SEATTLE (Scrap Monster): The ferrous scrap trade in Asian countries witnessed mixed trend during the previous year.

The Japanese Ministry of Finance (MoF) data indicates that the country exported around 7.3 million tons of ferrous scrap in 2021. The exports recorded downfall by 22% over the prior year. The largest scrap export destination was South Korea, which accounted for around 3.1 million tons of Japanese exports. In second and third place were Vietnam and Taiwan, whose imports from Japan totalled 2.2 million tons and 594,800 tons respectively.

The data released by Chinese Customs says that the country’s steel scrap imports totalled around 553,000 tons in 2021. The largest source of imports was Japan, which accounted for a share of 70.6%. China imported around 390,000 tons of steel scrap from Japan, whereas its imports from South Korea totalled 96,000 tons. It must be noted that the country had imposed restrictions on imports of certain grades of steel scrap beginning July 2021.

Meantime, Vietnam’s ferrous scrap imports totalled 6.34 million tons in 2021, slightly higher by 1.1%, when matched with 2020. The largest source of Vietnam’s scrap imports was Japan. The U.S. ranked second, followed by Hong Kong.

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