Japanese scrap exports extend falls in August

Spanish Market: Metals
10/10/24

Japan's ferrous scrap exports continued to decrease in August because of reduced overseas scrap demand and a sluggish seaborne steel market.

August exports fell by 14pc from the previous month to 492,000t, data from Japan's customs show. Total exports from January to August fell by 7.4pc on the year to 4.3mn t.

The tepid seaborne steel market largely drove slower export activities. Overseas buyers slowed down their purchases of imported scrap, in response to a lower production rate and squeezed profit margins. This caused the scrap price at Tokyo Steel Utsunomiya plant to fall by ¥14,000/t ($94/t) from mid-July to the end of September, bolstering bearish sentiment in the seaborne market.

Vietnam remained the top buyer of Japanese scrap, while Taiwanese buyers favoured containerised scrap from the US west coast and South Korean buyers reduced scrap imports from all origins. Mills in Bangladesh withdrew from the seaborne market in July, because of operational disruptions following protests. The Philippines became the fifth-largest buyer in August at 27,067t.

Export volumes are expected to increase in the coming months as Japanese scrap prices become more competitive in the seaborne market.

Japan's ferrous scrap exports					t
Destination	August	% ± vs Jul	% ± vs Aug '23	Jan-Aug	% ± on year

Vietnam	171,520	-25.0	25.4	1,649,616	62.2
South Korea	159,620	34.0	-13.0	1,118,333	-42.9
Bangladesh	59,478	-19.4	-9.2	343,557	21.5
Taiwan	31,176	-5.6	-61.5	432,846	-34.6
Others	70,383	-39.2	-30.2	713,970	4.7
Total	492,177	-13.7	-13.3	4,258,323	-7.4
Source: Japan customs

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30/12/24

Viewpoint: Cu smelting capacity to outpace mining

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Argus Media group . All rights reserved.

Singapore extends electric vehicle incentive to 2027

30/12/24

Singapore extends electric vehicle incentive to 2027

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Viewpoint: US stainless recovery expected in 1H

27/12/24

Viewpoint: US stainless recovery expected in 1H

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Viewpoint: Indian FeCr to face pressure in 1Q 2025

27/12/24

Viewpoint: Indian FeCr to face pressure in 1Q 2025

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Viewpoint: Real, tariffs to hit Brazil steel imports

26/12/24

Viewpoint: Real, tariffs to hit Brazil steel imports

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