Japan Ferrous Scrap Export Increases by 8% in March

Japanese ferrous scrap export volume increased in March from February for 5 consecutive months since November 2008. The export increased to 898,000 tonnes by 8% in March from February, which was over 800,000 tonnes for 2 consecutive months. Because Chinese and South Korean importers offered actively to cheaper Japanese ferrous scrap, the export increased.

The export increased to 609,000 tonnes by 8% to China in March from last month, 252,000 tonnes by 9% to South Korea while was flat at 25,000 tonnes to Taiwan. Te export to China was top volume for 6 consecutive months.

Japanese ferrous scrap exporters contracted with overseas importers by the gross when overseas importers offered in a positive way in the ended of December 2008 and February 2009 and the export price was higher than the purchase price of domestic electric furnace makers. Consequently, the export was over 800,000 tonnes in February and March.

The exports’ contraction piles up when the export price hit the ceiling. A dealer source said the export volume isn’t expected to decrease rapidly when overseas importers keeps offer to Japan.