Japan’s ferrous scrap exports dip in March

Spanish Market: Metals
29/04/26

Japan's ferrous scrap exports declined in March from a year earlier, because suppliers prioritised domestic sales on higher prices and sought to avoid logistical uncertainties in the export market.

Exports fell by 5.1pc on the month and 7.5pc on the year to 597,000t in March, Japan's customs data show. Total exports in the first quarter declined by 9.8pc on the year to 1.68mn t.

Exports to Vietnam, the largest destination in March, rose by 6.9pc on the month to 263,000t. The shipments rebounded from the previous month because of a low base given the lunar new year holiday in February. First-quarter exports to Vietnam fell by 9pc on the year, because mills were cautious about the steel market after the lunar new year holiday. Buying activity picked up in March when the domestic steel market began to recover.

Exports to Bangladesh decreased by 16pc from February to 132,000t in March, but were still 29pc higher than a year earlier. Bangladeshi mills returned to the seaborne market for both deep-sea bulk and Japanese scrap because of an expansion in steelmaking capacity.

South Korea slipped to the third-largest destination so far this year, because its steel sector continued to face pressure from competitively priced seaborne steel imports. Domestic scrap prices in South Korea remained below Japanese export levels, resulting in minimal trade flows.

The decline in exports was largely in line with market expectations, because Japan's domestic scrap market strengthened significantly from early March to mid-April, with prices rising by ¥7,000/t ($43.85/t). Japanese suppliers shifted more volumes to local buyers because of aggressive domestic mill procurement and increased uncertainty in the seaborne market stemming from the Middle East conflict.

Export volumes may decline further in April, with overseas buyers showing greater resistance to higher Japanese offers and preferring to wait for stronger steel prices to justify increased raw material costs.

Japanese ferrous scrap exports					t
Country	March	% ± vs Feb	% ± vs Mar '25	Jan-Mar	% ± on year

Vietnam	263,036	6.9	-8.6	763,397	-9
Bangladesh	131,881	-15.9	28.9	311,271	13.6
South Korea	80,291	-24.4	-28.3	288,424	-18.4
Thailand	39,565	-33.3	122.0	111,069	90.3
Others	81,830	36.1	-34.8	209,782	-38.7
Total	596,604	-5.1	-7.5	1,683,942	-9.8
— Japan Customs

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

29/04/26

Indonesia’s Huafei to cut MHP output on sulphur costs

Singapore, 29 April (Argus) — China's major battery materials producer Huayou will place half of its mixed hydroxide precipitate (MHP) capacity at its Indonesian subsidiary, Huafei Nickel Cobalt, into temporary care and maintenance from 1 May, citing elevated sulphur costs and prolonged high operating rates at the facilities, the company said on 28 April. The move is described as a short-term response to elevated input costs and deferred maintenance requirements following sustained high utilisation. The company does not expect the temporary suspension to adversely affect its long-term development but did not disclose a timeline for operations to resume. Sulphur prices have risen significantly because of the ongoing US-Iran war, as nearly half of global seaborne sulphur trade transits the strait of Hormuz. Argus -assessed granular sulphur cfr Indonesia prices at $948/t on a midpoint basis on 23 April, up by $434/t, or 84pc, from $514/t cfr on 26 February, before the outbreak of the war. Sulphur is now estimated to account for 35-40pc of high pressure acid leaching (HPAL) operating costs, up from a more typical 25pc. Indonesia is heavily exposed to the supply shock, having sourced around 75pc of its 5.34mn t of sulphur imports from the Middle East last year. The temporary suspension has supported MHP market sentiment and prices. Offers for MHP rose to 95pc of London Metal Exchange (LME) nickel prices for nickel payable on 28 April, from 91pc in March, although no deals have yet been concluded at this level. Huafei secured permits to import sulphuric acid from Jakarta in April, although approved volumes have not been disclosed. Huayou is also seeking to reduce its exposure to the sulphur market by accelerating process upgrades and expanding sulphur sourcing channels. The company aims to address the issue through the construction of acid production projects using pyrite and phosphogypsum, which are expected to come on stream by the end of 2026. Huayou has not specified which subsidiaries will deploy the technology. Huafei began production at Weda Bay in North Maluku province in 2023 and has a capacity of 120,000 t/yr of nickel equivalent in the form of MHP. Huafei is Huayou's second MHP project in Indonesia, following Huayue in Morowali, Sulawesi province, which started production in 2021 and has 60,000 t/yr of nickel-equivalent capacity in the form of MHP. Output at the two projects has exceeded their nameplate capacities. Huayou's MHP shipments reached 236,500 t in 2025, up by 30pc year-on-year, while total nickel production across all products rose by 59pc on the year to 292,500t in nickel metal equivalent. Huayou's KNI MHP project remains under construction. The project is a joint venture between Huayou, Brazilian multi-metals mining group Vale and US automaker Ford, with planned capacity of 120,000 t/yr in nickel metal equivalent and start-up scheduled for December. By Deon Ngee, Sheih Li Wong Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

General Motors pencils in $500mn tariff refund

28/04/26

General Motors pencils in $500mn tariff refund

Pittsburgh, 28 April (Argus) — US automaker General Motors (GM) expects to receive a $500mn refund for a tranche of tariffs annulled by the US Supreme Court this year. The refund will lower GM's 2026 tariff bill from $3bn-4bn to $2.5bn-3.5bn, the Detroit-based automaker said in its first-quarter earnings call on 28 April. While some of the tariffs imposed by US president Donald Trump's International Emergency Economic Powers Act (IEEPA) have been struck down, automobile and metals tariffs remain in place and account for GM's considerable expected tariff bill. The US-Israel conflict with Iran is also a major factor affecting costs, GM chief executive Mary Barra said during Tuesday's earnings call. Prices for energy, metals and freight have gone up because of the war, adding about $500mn in expected costs for GM this year, Barra said. However, rising gas prices as a result of the war have not yet had an impact on demand for full-size pickup trucks and other internal combustion engine vehicles, GM said. But the longer the war goes on, the more likely demand wanes for large gas-powered trucks, the company said. GM's total vehicle sales in the first quarter fell to 1.3mn units, down by 11pc compared with the first three months of 2025. US sales fell by 10pc to 626,000 vehicles in the quarter compared with a year earlier. GM attributed part of the US sales decline to maintenance downtime at one of its full-size pickup plants, as well as to lower imports into the US of GM vehicles assembled in South Korea. GM reported a $2.6bn profit in the first quarter, down from $2.8bn in the first quarter of 2025. By James Marshall Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Mexico trade balance swings to $6bn surplus in March

27/04/26

Mexico trade balance swings to $6bn surplus in March

Mexico City, 27 April (Argus) — Mexico's trade balance in goods swung to a hefty $5.93bn surplus in March, amid a strong pick-up in manufacturing exports. The balance, reported by statistics agency Inegi, swung from the $463mn deficit in February after narrowing from a $6.48bn deficit in January. The March surplus also far surpassed the $1.03bn surplus forecast by Mexican bank Banorte. The swing to a surplus in March was led by widening of the non-oil trade surplus to US$8.32bn in March from US$1.55bn the previous month. Meanwhile, Mexico's oil-trade deficit expanded only slightly to $2.39bn in March from $2.01bn the previous month despite volatility in global oil prices hitting markets caused by the conflict in the Middle East. Total exports rose to $70.7bn in March from $56.9bn in February, with oil-related exports up at $1.71bn from $1.47bn. Crude exports increased to 495,000 b/d in March from 585,000 b/d in February, well below the 827,000 b/d recorded in March 2025. Non-oil exports rose to $69bn in March from $55.36bn the prior month. Manufacturing shipments increased to $64.7bn in March from $51.8bn in February, with automotive up to $17.4bn from $13.6bn in February. Imports totaled $64.8bn in March compared with $57.3bn in the prior month, with oil imports at $4.1bn in March compared with $3.5bn the prior month and non-oil imports at $60.7bn, up from $53.8bn the prior month. Mexican bank Banco Base suggests the outlook has worsened due to comments by economy minister Marcelo Ebrard during meetings with Mexican president Claudia Sheinbaum and US trade representative Jamieson Greer. Ebrard indicated the review's goal is to reduce tariffs, not eliminate them, noting "a world without tariffs is unlikely to return." Banco Base considers this bad news for several reasons: Mexico enters the renegotiation with a weak stance, more willing to concede to the Trump administration than to secure favorable terms; and continued tariffs could be a bargaining chip to avoid addressing other US demands related to the rule of law and the opening of strategic sectors. In addition, said Banco Base, "Continued tariffs could lead to a sustained decline in affected sectors like steel and automotive, whose exports have fallen due to sectoral tariffs." Banco Base also mentions stricter rules of origin, which would further harm the automotive and steel industries. These measures would remove incentives for foreign companies in Mexico, slowing foreign direct investment growth. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

North Japan earthquake spares energy facilities

27/04/26

North Japan earthquake spares energy facilities

Tokyo, 27 April (Argus) — Domestic energy-related facilities did not take any damage after a magnitude 6.2 earthquake struck southern Tokachi in Hokkaido, Japan, at around 05:23 local time (20:23 GMT) on 27 April, industry sources told Argus . There is no risk of a tsunami, the Japan Meteorological Agency said. Japanese prime Minister Sanae Takaichi said at a House of Councillors budget committee meeting on the morning of 27 April that she did not receive any reports of casualties or damage so far following the earthquake. The earthquake did not affect power generation facilities, including the Tomari nuclear power plant, a representative of Hokkaido Electric Power Network, the regional power grid operator, told Argus, adding that there were no power outages. Japanese refiner Idemitsu Kosan operates a 140,000 b/d refinery on the southern coast of Hokkaido. But the refinery was not affected by the earthquake and remains operational, Idemitsu said. There has not been any damage at Nippoon Steel's Muroran steelworks in Muroran, Hokkaido, a representative of the company said. A magnitude 7.7 earthquake also struck northeastern Japan on 20 April, but the Japan Meteorological Agency said there is no direct link between that quake and the latest one. By Fumito Nagase, Motoko Hasegawa, and Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

India becomes net steel exporter but outlook uncertain

23/04/26

India becomes net steel exporter but outlook uncertain

Mumbai, 23 April (Argus) — India transitioned to a net exporter of finished steel in the April 2025-March 2026 fiscal year after two consecutive years as a net importer. But trade barriers in Europe and geopolitical tensions complicate the export outlook this year. Finished steel exports rose by 36pc year on year to 6.6mn t in 2025-26, exceeding imports by 78,000t, according to provisional data from the steel ministry's joint plant committee (JPC). The increase was driven by robust demand from Europe in the second half of 2025, as buyers stockpiled ahead of key trade policy changes in 2026. Italy was India's largest export market, with shipments up by 51pc year on year to 1.07mn t in the fiscal year. Italy, Belgium and Spain together accounted for 34pc of India's total finished steel exports during the period. Indian finished steel shipments to Vietnam also surged, supported by anti-dumping measures and an anti-circumvention probe into Chinese hot-rolled coil (HRC). Exports to Vietnam rose from about 11,000t in the previous fiscal year to 772,300t, making the southeast Asian country India's second-largest export market in the fiscal year ended March 2026. But Indian steel exports face fresh headwinds this year, particularly in Europe, where the carbon border adjustment mechanism (CBAM) and impending safeguard quota revisions have made buyers more cautious. Some export opportunities have surfaced, but these are overshadowed by risks. EU quota, Iran war limit exports Indian flat steel volumes to Europe are expected to decline from July, as quotas will likely be halved and out-of-quota duties doubled to 50pc, market participants said. India quickly exhausted its January-March and April-June HRC quotas after a surge in shipments to Europe over December-January. Importing Indian HRC has become much riskier because of lower quota availability and higher duties from the next quarter. If India's HRC quota is breached again, the pro-rated duty is likely to rise from 8-9pc at present to 15-20pc from July, an international steel trader said. Combined with CBAM charges and other costs, this will make Indian material less attractive to buyers unless EU local prices rise sharply, the trader added. The Argus daily Italian HRC index rose by 10pc from end-December to €694.25/t ($812/t) ex-works on 22 April. Indian HRC offers were last heard at $705–710/t cfr EU for May and June shipments. The Iran war forced Indian mills to suspend offers to the Gulf Co-operation Council (GCC) region and postpone shipments for earlier bookings. The strait of Hormuz has remained effectively closed since the conflict began at the end of February, blocking India's access to markets such as the UAE and Saudi Arabia. A sharp increase in ocean freight rates and vessel shortages resulting from the war have also led some major Indian mills to scale back exports and focus on the domestic market. Opportunities tempered by uncertainty There are early signs of emerging opportunities in an otherwise challenging export environment. Indian cold-rolled coil (CRC) exports could increase after the European Commission said it would not impose provisional duties on imports under investigation. Sourcing CRC locally is currently difficult in Europe, an EU-based trader said. Other market sources said that European demand for Indian CRC may rise in the short term, but quota reductions will ultimately impede sales from July. Market participants also expect a surge in demand from the Middle East due to post-war reconstruction activity. But with no clear resolution in sight to the conflict, it is difficult to assess when the GCC market will reopen for Indian exports. Vietnam also offers an opportunity for Indian mills to offload surplus volumes, particularly from June, when plants resume full production after maintenance and domestic demand eases during the monsoon. Imported coil prices in Vietnam reached an over two-year high this week, making the market more attractive for Indian sellers than earlier in the year. By Amruta Khandekar Indian finished steel exports 000t Destination country FY2025-26 FY2024-25 Italy 1,068.8 707.8 Vietnam 772.3 10.6 Belgium 720.8 544.1 UAE 486.0 488.8 Spain 482.9 416.4 Others 3,070.8 2,689.9 Total 6,601.5 4,857.5 Source: JPC Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more