South Korea's ferrous scrap imports up 8% in July 2024

However, year-on-year, scrap imports were down significantly, down about 48% from the 318,994 tonnes recorded in July 2023. For the first seven months (January-July) of the current calendar year, ferrous scrap imports totaled 1.16 million tonnes, down 50% from the 2.31 million tonnes recorded in the same months last year.

South Korea's ferrous scrap imports from Japan totaled 128,726 tonnes in July, up 13% from the 113,808 tonnes recorded in the previous month. However, year-on-year, exports were down 49% from the 252,116 tonnes recorded in July 2023. In January-July, scrap metal imports from Japan amounted to 0.89 million tonnes, down 48% from 1.73 million tonnes in the same period of 2023.

Ferrous scrap metal imports from Russia to South Korea in July amounted to 25,852 tonnes, down 12% from June, compared with 5,349 tonnes. However, compared with the same period last year, imports have tripled compared with July 2023, when they amounted to only 8,948 tonnes. In January-July 2024, ferrous scrap metal imports from Russia to South Korea amounted to 146,554 tonnes, down 23% from 189,189 tonnes in the same period of 2023.

Ferrous scrap metal imports from the United States to South Korea amounted to 6,400 tonnes in July, up 20% from 5,349 tonnes in June. However, compared to the same period last year, import volumes decreased by more than 80% from 43,939 t observed in July 2023. In January-July 2024, the volume of ferrous scrap imports from the United States amounted to 72,568 t, down 72% from 257,512 t in the same period in 2023.