Japan Ferrous Scrap Export Increases by 28.4% in February

Japanese ferrous scrap export volume increased by 28.4% to 551,000 tonnes in February from January, which increased for 2 consecutive months, according to Japan ferrous raw material association.The export decreased by 41.4% to 288,000 tonnes to South Korea in February from January and by 26.2% to 202,000 tonnes to China while increased by 18.7% to 38,000 tonnes to Taiwan. The export decreased to South Korea and China for 3 consecutive months while increased to Taiwan for the first time in 2 months. Japanese ferrous scrap import decreased by 10% to 18,000 tonnes in February over the previous month, down for the first time in 3 months.Japanese stainless scrap export increased by 41% to 26,540 tonnes in February from January and increased by 34% compared with the same month of last year, according to Ministry of Finance. The export exceeded 10,000 tonnes to South Korea for the first time in 10 month and to China for 2 consecutive months.The export to South Korea increased by 175% to 10,140 tonnes in February from January and increased by 16% from a year earlier when South Korean importers increased the purchasing due to rising stainless products market price. The export to China increased by 9% to 14,030 tonnes in February from January and increased by 33% from a year earlier.Japanese stainless steel makers are continuing reduced output, which kept the purchasing price of stainless scrap in April. Dealer source said domestic market price would require long time for rising.