Despite a surge in exports to Vietnam, Japan's overall steel scrap exports continued to decline in Q1 2024 due to decreased demand from South Korea. Exports to Taiwan also slowed, while shipments to Bangladesh saw a significant increase.
According to statistics from Japan's Ministry of Finance, Japan exported 516,000 tons of steel scrap in March, a 10.4% decrease compared to the same month last year. This figure also represents a 17.4% drop from the previous month, marking a return to decline after two months of increases.
In March, exports to Vietnam increased by 20.7% year-on-year to 210,000 tons, while exports to South Korea plummeted by 32.2% to 157,000 tons. Exports to Bangladesh followed at 44,000 tons.
As a result, Japan's steel scrap exports for Q1 2024 (January to March) totaled 1.599 million tons, down 4.6% from the same period last year.
The average monthly export volume was 533,000 tons, projecting an annual total of 6.4 million tons. Last year's total exports amounted to 6.927 million tons, a 9.9% increase from the previous year.
Cumulative exports (January to March) to Vietnam surged by 48.0% year-on-year to 684,000 tons, while exports to South Korea (470,000 tons) and Taiwan (141,000 tons) dropped sharply by 38.1% and 28.8%, respectively. During this period, exports to Bangladesh soared by 79.0% to 91,000 tons.
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SCRAP
