South Korea’s stainless steel scrap imports fell in July by 44pc from the prior year amid subdued demand which is slowly reviving. Exports of stainless steel scrap, however, rose in the same period by 34pc from the previous year.
In July, South Korea imported 310,649mt of stainless steel scrap down 44pc from 2019 while exports rose by 34pc to 14,143mt in July from the year prior. Slow economic growth in the country including gradual recovery from pandemic caused imports to fall in comparison with the prior year.
| South Korea SS scrap imports (top 5 countries, mt) | |||
| Country | July 2020 | July 2019 | YoY change |
| Japan | 10,085 | 8,739 | 15% |
| Thailand | 4,666 | 5,660 | -18% |
| US | 2,952 | 999 | 195% |
| Taiwan | 1,601 | 643 | 149% |
| Vietnam | 818 | 1,125 | -27% |
South Korea imported the highest amount of stainless steel scrap from Japan and imports were up 15pc from the prior year at around 10,085mt stainless steel scrap. Imports from the US and Taiwan jumped the most in July from the year prior by 195pc and 149pc, respectively.
| South Korea SS scrap exports (top 5 countries, mt) | |||
| Country | July 2020 | July 2019 | YoY change |
| India | 9,862 | 7,402 | 33% |
| Japan | 1,589 | 1,013 | 57% |
| Taiwan | 1,272 | 1,339 | -5% |
| Thailand | 703 | 325 | 116% |
| Pakistan | 437 | 0 | – |
South Korea exports to India accounted for the highest contribution at 9,862mt, up 33pc from the prior year. Exports to Thailand jumped 116pc to 703mt in July from the year prior reflecting new market demand. India’s demand for SS scrap started growing towards the end of July as several mills increased production.
South Korea imported 302,850mt of nickel ore from New Caledonia which accounted for the entire nickel ore content after Indonesia banned nickel ore exports earlier this year. Nickel ore imports increased by 1pc in July from the earlier year.