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South Korean ferrous scrap imports fell by 24pc from a year earlier in July because of cheaper domestic scrap and high inventory levels.
Imports of ferrous scrap totalled 350,288t in July, their lowest level since 345,390t in January, South Korea's customs data show. But imports rose by 19.3pc on the year to 3.07mn t during January-July.
The fall in imported volumes was the result of weaker downstream markets in the country and consequently cheaper domestic scrap availability, trade sources. Domestic scrap prices have fallen by 200,000-300,000 won/t ($186-$223/t) from mid-April to mid-August, they said.
The decline in import volumes could also be attributed to South Korean mills' healthy inventory levels, as they prioritised domestic scrap over seaborne cargoes in July, market participants said.
Japan remained the top supplier of ferrous scrap to South Korea, accounting for over 54pc of overall scrap imports. Japan supplied 189,199t of ferrous scrap to Korea in July, 33.4pc lower on year and 13.2pc lower from June.
Scrap imports from the US also fell in July, by 2.2pc from a year earlier and 35.6pc from June to 77,900t. US shipments represented 22pc of South Korea's scrap imports in July. Imports from the US totalled 468,731t during January-July, up by 34.4pc on year.
Scrap imports from Russia also moved lower to 25,287t in July, down by 51pc from a year earlier.
Stronger manufacturing and export data may drive scrap imports higher in the coming months. South Korea's automobile output, outbound shipments and exports value increased by 9.1pc, 23.1pc, and 25.3pc respectively on the year in July, the country's ministry of trade, industry and energy said. A momentary recovery in parts supplies also helped to increase automobile output, it added.
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