Global Scrap Trade Witnessed Notable Decline in May

SEATTLE (Scrap Monster): The major scrap importers and exporters across the world reported subdued trading activity during the month of May this year, due to impacts of Covid-19 pandemic.

The statistics published by the Vietnamese General Department of Customs (GDC) indicates that the scrap imports by the country dropped by nearly 7% over the previous month to total around 373,400 tons in May 2020. However, the year-to-date scrap imports by the country stood higher by 9.2% from the corresponding period last year. The country imported nearly 2.16 million tons of scrap in Jan-May ’20.

The scrap quotation from sellers, especially in Japan and the U.S., remained at excessively high levels, making it unaffordable for Vietnamese importers.

The scrap imports by South Korea totalled around 341,000 tons in May this year. This is significantly down by 22% when matched with the prior month. The reduced activity in automotive, shipbuilding and construction sectors impacted domestic demand for scrap, thereby affecting imports. The Jan-May ’20 scrap imports by the country were down by almost one-third to total around 2.1 million tons.

Meantime, Brazil’s scrap exports, at nearly 52,000 tons, registered 30% year-on-year decline and 2.9% month-on-month decline. The scrap imports by the country too were down by 3.8% from the previous month at 760 tons.

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