Meantime, the South Korean ferrous scrap imports in July hit its lowest level since January 2022.
SEATTLE (Scrap Monster): The Chinese scrap imports recorded significant surge by 127% in July this year, when compared with the prior month. The imports totalled around 50,600 tons, considerably down by nearly 46% from the same month a year before. The major source of imports was Japan, which accounted for more than 81% of the total Chinese imports. In second place was South Korea, which supplied 12.56% of the monthly scrap imports by the country.
The Japanese scrap exports amounted to 3.58 million tons in the initial seven-month period of the current year. This is significantly down by 25.4% year-on-year. The largest export destination was South Korea, which imported 1.9 million tons of scrap from Japan. The other major importers were Vietnam and Turkey, said the customs statistics.
Meantime, the South Korean ferrous scrap imports in July hit its lowest level since January 2022. The monthly imports dropped by 24% year-on-year to around 350,000 tons during the month. Japan continued to account for the largest proportion, which stood at 54% of the total. The supplies from Japan dropped by one-third over the year. The US was the other key supplier of scrap to South Korea. The supplies totalled around 78,000 tons, registering a decline by 2.2% from July 2021.
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