Japan's ferrous scrap exports continued to grow in November, because of continuing demand from Vietnam and an uptick in trade with other markets.
- Exports increased by 4pc from the previous month to 580,000t in November, data from Japan's customs show. But total exports from January to November fell by 8pc on the year to 5.8mn t.
- Vietnam remained the largest destination for Japanese scrap, with volumes increasing further in November. This led to a 56pc year-on-year increase in exports for January-November. Japanese scrap's share in the Vietnamese market significantly increased this year, owing to its prompt shipment and suitable shipment sizes.
- But exports to Bangladesh and Taiwan slumped on the month. Buyers in Bangladesh reduced their buying activity in the second half of the year as their domestic steel market slowed. Taiwanese buyers preferred containerised scrap from the US for more competitive prices.
- Exports to Indonesia reached 44,886t in November, marking the highest level for the year. But negotiations slowed as many buyers were renewing their import licences for the coming year and were hesitant to book more cargoes before receiving the licence, traders said.
- Exports to India were 29,382t in November. Japanese traders attempted to sell to south Asia, where demand was relatively stronger, as demand in other major destinations remained sluggish.
| Japan Ferrous Scrap exports | t | ||||
| Destinations | November | % ± vs Oct | % ± vs Nov '23 | Jan-Nov | % ± on year |
| Vietnam | 260,149 | 25.0 | 70.3 | 2,265,374 | 55.5 |
| South Korea | 105,746 | 12.7 | -22.5 | 1,431,638 | -42.3 |
| Bangladesh | 55,169 | -47.5 | -4.3 | 557,587 | 19.7 |
| Taiwan | 42,238 | -37.8 | -36.1 | 587,068 | -34.2 |
| Others | 116,248 | 41.5 | 40.7 | 968,982 | -5.2 |
| Total | 579,551 | 4.0 | 16.9 | 5,810,648 | -8.0 |
| Source: Japan Customs | |||||
