Japan Ferrous Scrap Export Hits Highest in April

Japanese ferrous scrap export hit record high in April following March, which increased by 18.9% month-to-month to 1.068 million tonnes and exceeded 1 million tonnes per month for the first time. Chinese and South Korean importers increased the offers to Japan when Japanese ferrous scrap price was cheap from late February to late March.

Japanese ferrous scrap export decreased by 13.6% to 526,000 tonnes for China in April from March while increased by 69.4% to 427,000 tonnes for South Korea and by 176% to 69,000 tonnes for Taiwan. China has been the top buyer of Japanese ferrous scrap for 7 consecutive months.

Japanese ferrous scrap market price continued to drop from late February to late March. Chinese and South Korean importers contracted Japanese ferrous scrap when Japanese export price was higher than domestic market price.