Since the beginning of this year, South Korea’s scrap exports have continued to decline. According to the Korea Iron and Steel Association, South Korean scrap exports fell by 23.2% year-on-year in the first five months, down by 188,718 tons from the same period last year.

In terms of export destinations, South Korea’s exports of scrap to mainland China and Vietnam declined in the first five months, and exports to Taiwan have increased. From January to May this year, South Korea’s scrap exports to Taiwan, China increased significantly by 110.7% year-on-year to 38,716 tons. During the same period, South Korea’s scrap exports to mainland China fell by 47.6% year-on-year to 38,387 tons; scrap exports to Vietnam fell by 32.8% year-on-year to 38,588 tons.

In May, South Korean scrap exports increased significantly compared with the same period last year, totaling 45,657 tons. In addition to mainland China, South Korea’s exports of scrap to most destinations have increased. For example, scrap exports to Taiwan have increased by 356.0% to 11,907 tons, while scrap exports to Vietnam have increased by 10.6% to 5,772 tons. Compared with the same period of last year, in May, South Korea's stainless steel cold-rolled sheets exported to mainland China fell by 37.2% to 7702 tons.

According to relevant sources in the Korean scrap industry, the demand for scrap imports from China and Vietnam has begun to decline a year ago. On the contrary, demand for scrap in Taiwan has increased.