Japan Ferrous Scrap Export Increases in October

Japanese ferrous scrap export increased to 712,000 tonnes by 3% in October from a year ago and the import increased to 12,000 tonnes by 43.5%, according to Japan Raw Materials Association. The export for South Korea increased to 416,000 tonnes by 21.6% in October from a year ago, while decreased to 224,000 tonnes by 10.5% for China and to 53,000 tonnes by 34% for Taiwan. The export for South Korea was at the level as high as 423,000 tonnes in April 2005 when Hyundai Steel, South Korean major steel maker, is increasing ferrous scrap purchasing from Japan. Hyundai Steel actively procures ferrous scrap when the firm restarts operation of no.2 electric furnace in A area of Dangjin plant.