South Korea increases imports of scrap steel

The country's scrap metal imports rose year on year for the first time in four years. In 2016, imports amounted to about 5.8 million tons, which is 1.7% higher compared to the previous year.

Scrap metal imports from Russia in December increased by 177% compared to the same month in 2015. Imports from Russia reached 102,000 tons, accounting for 20% of South Korea's total imports during the month. Japan was the largest supplier of scrap metal to South Korea. Imports from Japan recorded a 42% jump year over year for the month to 357,000 tonnes. Imports from Japan accounted for 70% of South Korea's total imports in December last year.

Scrap metal imports in December 2016 were up more than 30% from the same month a year earlier to 510,000 tonnes in the month. Imports grew by 10.3% over the previous month. South Korea's scrap steel imports totaled 464,000 tons during November 2016.