South Korea: Ferrous scrap imports rise 4% m-o-m in Oct'22

South Korea, a major buyer of ferrous scrap, imported 0.34 million tonnes (mnt) in October 2022 as against 0.33 mnt in September, up 4% m-o-m, as per customs data maintained with SteelMint.

Demand for imported scrap pushed import volumes higher in October, although imports decreased by 11% y-o-y compared to 0.38 mnt in October 2021. Import volumes in January-October this year stood at 3.82 mnt, an increase of 4% y-o-y.

Country-wise break up

• Imports from Japan rise: Japan continued to be the largest exporter of ferrous scrap to South Korea at 291,588 t in October. Import volumes were higher by 8% compared to 270,260 t in September. Volumes increased owing to workable price levels of Japanese scrap.
  
  
• US imports edge up: South Korea's scrap import volumes from the US rose by 57% to 17,814 t in October as against 11,354 t in September, a recovery from last month's volumes.
  
  

Outlook
Restocking of scrap for the winter season may trigger a rise in imports by South Korea in the near term along with demand in the domestic market.