15 Nov 2013 Last updated at 01:46:15 GMT
TOKYO (Scrap Monster) : According to most recent data released by the Japanese Ministry of Finance, the aluminum scrap exports from the country is likely to surpass the 2011 record this year. The scrap exports during the initial nine month period of the year totaled 120,000 tons. The exports had touched a record high of 148,000 tons in 2009.
According to data, the country’s aluminum scrap exports rose during the initial nine-month period of the year to reach 120,000 tons, 24% higher when compared to the exports of 97,000 tons during the corresponding nine-month period in 2012. During the period, the shipments to South Korea accounted for nearly 40% of the total exports. The exports to South Korea more than doubled during Jan-Sep. On the other hand, the scrap exports to China fell by nearly 3% during the nine-month period.
The weakening Yen and the higher recycling capacity in South Korea have boosted shipments of aluminum scrap from the country, Ministry observed. The yen has depreciated by almost 12% this year alone against the Korean Won. The demand for aluminum scrap from the Asian automotive market is expected to grow at 25% CAGR over the next five years. The Atlanta based aluminum giant-Novelis Inc. had recently opened a 265,000 tons aluminum beverage can recycling center in its Yeongju facility in South Korea.
Author: Paul Ploumis