Japan’s ferrous scrap exports in April rose to 886,823mt, up by 22pc from March, while down by 2pc from a year ago. South Korean and Vietnamese mills were top buyers of Japanese scrap in April as they preferred shorter-transit destinations amid logistics challenges. Also, Japanese scrap offers were competitive against other supplier destinations, where prices rose due to healthy domestic demand.
Yet again, China buyers increased their scrap purchases from Japan, with import volumes of 89,665mt, up by 49pc from March. With the government’s focus on limiting carbon emissions,
demand from Chinese EAF makers is likely to improve in the coming days, while on the other hand, the clampdown on speculative commodity pricing could pressure prices despite demand.
South Korean, Vietnamese and Bangladesh mills focused on Japanese scrap as they refilled their inventories to cater to improving steel demand in Asia along with an uptick in prices.
Imports from South Korea rose to 303,107mt, up by 40pc from March, while down 14pc from a year ago. Vietnamese imports increased to 259,726mt, up by 10pc from March and down by 14pc from the prior year, while imports from Bangladesh rose by 54pc from March and up by 82pc from a year ago to 111,683mt in April.
Japanese scrap exports to Taiwan and Malaysia rose marginally up by 1pc and 2pc respectively, compared to March, while they were down by 28pc and 39pc from a year ago.
|Japan’s ferrous scrap exports in April|
|Unit: mt||Apr-21||Mar-21||Change MoM||Apr-20||Change YoY|