Japan Ferrous Scrap Export Downs by 1.1 million tonnes in F2007

Japanese ferrous scrap export decreased by around 1.1 million tonnes in fiscal 2007 ended March 2008 from previous year due to higher domestic consumption. The export decreased by 14.6% to 6.435 million tonnes, according to Ministry of Finance. The export decreased by 6.2% to 3.31 million tonnes for South Korea in fiscal 2007 from fiscal 2006. The export decreased by 64.8% to 397,000 tonnes for Taiwan and by 3.5% to 2.473 million tonnes for China. The export rate was around 51% for South Korea, around 38% for China and around 6% for Taiwan. Taiwan shifted the major portion to import from USA from Japanese scrap. Japanese electric furnace steel makers increased the purchase volume while the integrated steel makers also increased the consumption for lower carbon dioxide emission. The domestic supply keeps tight with strong demand. A dealer source said the export could keep low level unless additional domestic scrap supply.