South Korea’s ferrous scrap imports dropped by 22.2pc in April 2020 from the prior-year period amid stocked up scrap inventories and enough domestic scrap supply at competitive prices. Stainless steel scrap imports, however, rose by 7.9pc.
Imports of ferrous scrap from Japan and Russia dropped as operations were shut due to COVID-19 related lockdowns. Imports from the US increased as demand from Turkey dropped, causing US suppliers to divert their shipments to South Korea where buyers remained in the market.
South Korea scrap imports
| Apr-20 | Apr-19 | % change | |
| Ferrous scrap | 439,180 | 564,645 | -22.2 |
| Major exporters | |||
| Japan | 277,384 | 358,248 | -22.6 |
| US | 98,902 | 22,988 | 330 |
| Russia | 42,651 | 78,826 | -45.9 |
| Stainless steel scrap | 21,747 | 20,163 | 7.9 |
| Major exporters | |||
| Japan | 10,859 | 10,383 | 4.6 |
| Thailand | 5,074 | 5,337 | -4.9 |
| Taiwan | 2,406 | 602 | 300 |