According to statistics released by Japan's Ministry of Finance, the country's ferrous scrap exports totaled 482,040 metric tons in March this year, falling by 42.95 percent month on month and down 46.29 percent compared to March 2009.
In the month in question, China decreased its ferrous scrap imports from Japan by 15.49 percent month on month to 209,692 metric tons, while a drop of 65.69 percent was registered compared to March 2009. South Korea imported 260,711 metric tons from the same source, down 51.94 percent month on month and up 3.3 percent year on year.
In the given month, scrap exports to China accounted for 44.5 percent of Japan's total scrap exports, while exports to South Korea constituted 54.09 percent of total scrap exports.
The average export price of Japanese scrap stood at JPY 45,355/mt ($488.82/mt) in March, increasing by 20.42 percent month on month and up 54.03 percent year on year.
Meanwhile, in the first quarter of 2010, Japan's scrap exports amounted to 1.94 million metric tons, declining by 18.24 percent year on year. In the January-March period, scrap exports to China totaled 699,960 metric tons, while exports to South Korea amounted to 1.16 million metric tons, decreasing by 57.79 percent and up 85.47 percent respectively, both compared to the corresponding period of the previous year.