Japan: Ferrous scrap export increase 8% m-o-m in Mar'23

Japan’s ferrous scrap exports rose by 8% m-o-m to 0.55 million tonnes (mnt) in March 2023 compared to 0.51 mnt in February, according to SteelMint data. The country is one of the major ferrous scrap exporters globally.

Exports of scrap increased in the third month of the year due to an increase in shipments to Taiwan, Malaysia, and Vietnam.

However, scrap exports decreased by 7% y-o-y in March compared to 0.59 mnt in March 2022.

South Korea continued to be the largest importer, supplying 0.22 mnt followed by Vietnam and Taiwan at 0.17 mnt and 0.09 mnt, respectively.

Country-wise exports

Exports to South Korea up: Export volumes to South Korea from Japan stood at 222,934 t in March, an increment of 8% compared to 207,231 t in February. Exports to South Korea, however, decreased by 33% y-o-y as compared to 330,913 t in March 2022.

Exports to Vietnam up 13%: Japan’s export volumes to Vietnam stood at 174,022 t in March, an increase of 13% m-o-m compared to 153,702 t in February. Shipments to Vietnam also increased by 68% y-o-y.

Exports to Taiwan, Malaysia increase: Japan exported 92,604 t to Taiwan, up 41% m-o-m compared to February, followed by Malaysia with a 57% m-o-m hike at 31,210 t in March against 19,860 t in February.

H2 scrap prices rise

The monthly average H2 scrap prices stood at JPY 54,100/t FOB in March, up JPY 1,550/t m-o-m.