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Japanese ferrous scrap exporters lifted shipments to a two-year high in October, fuelled by higher restocking demand from Vietnam and Bangladesh, alongside continued purchases by South Korean steelmakers.
Exports for October totalled 697,000t, a 33pc month-on-month and 6.1pc year-on-year rise, according to Japanese customs data. Exports over January-October were 5.82mn t, an 8.7pc year-on-year rise.
Domestic demand for scrap in Japan remained stable from mid-September to the end of October, meaning the higher exports were likely brought on by external factors. The sharp month-on-month increase in the October exports was off a low base in September, but support also came from renewed Vietnamese and Bangladeshi demand.
South Korea remained the largest buyer of Japanese scrap, but it was the only country that took lower October volumes from Japan compared with a year earlier. South Korean mills cut scrap prices by $38.27/t from the end of October to the end of November. Consequently, export negotiations between Japan and South Korea were quiet in November, with no reported spot trades.
Exports to Vietnam rose by 81pc from the previous month to 185,000t in October. Vietnamese buyers have been less active in the seaborne market this year and keeping low scrap inventories in line with minimum production rates. Short-sea bulk scrap from Japan was the preferred choice among most buyers that needed to restock from the seaborne market. argusmedia.com
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