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Japanese ferrous scrap exports rose by 28pc in June from May to 883,157t, boosted by increased price competitiveness against US exports in Asia.
The increase in exports was also driven by increased procurement from the country's main buyers from mid-April to mid-May. Aggressively competitive prices and shorter delivery times made Japanese scrap Asian buyers' main choice at that time.
South Korean steelmakers imported 261,613t of ferrous scrap from Japan in June, up by 46pc on the month. Total South Korean imports from Japan for the first half of the year were down by 24pc to 1.63mn t, partially reflecting the Covid-19 pandemic's impact on the Korean economy.
Weak domestic demand for finished steel caused South Korean mills to reduce production and drop imported scrap procurement to a low level. They instead focused on domestic scrap purchases to satisfy the bulk of their requirement.
Source: Argusmedia
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