Japan Ferrous Scrap Export Drops by 14.2% in 2008

Japanese ferrous scrap export decreased for 2 consecutive years. The amount of the export decreased to 5.03 million tonnes by 14.2% in 2008 from last year when Japanese increased the purchase volume until summer and the amount of South Korean import reduced largely.

The amount of the export decreased to 2.362 million tonnes by 30.5% to South Korea in 2008 from 2007, and 217,000tonnes by 56.8% to Taiwan while increased to 2.737 million tonnes by 16.5% to China. The export to South Korea decreased for the first time in 5 years. Steel demand dropped in South Korean due to business recession after last autumn. The export to China increased for the first time in 2 years. Chinese importer aggressively purchased Japanese ferrous scrap in November and December when Japanese ferrous scrap price dropped rapidly in October. The export to Taiwanese importers changed the handling system to containership while Japanese exporters use bulk-ship. The export to Taiwan decreased for 2 consecutive years due to the difference of handling system.

Japanese ferrous scrap export increased for 3 consecutive years from 2003 and stood at a record high in 2006 of 7.654 million tonnes while decreased in 2007 when domestic demand expanded.