Malaysia ferrous scrap imports tumbled in July

October 24, 2016 08:00:24 AM
BEIJING (Scrap Monster): The latest statistics released by the Malaysian Department of Statistics indicate that the country’s ferrous scrap declined significantly in July ’16, in comparison with the previous month. The imports during June had touched the highest level so far this year. Also, the imports were down sharply when matched with those during the same month a year before.

Malaysia imported 24,000 tons of scrap steel during the month of July this year. The imports were down by 21.1% when matched with the previous month. The country had imported 30,193 tons of scrap steel during June 2016. When compared with the year before, the July ’16 imports were down sharply by 27.6%. The country’s ferrous scrap imports had totaled 33,150 tons during July last year.

The biggest exporter of ferrous scrap to Malaysia during July this year was Singapore. The imports from Singapore totaled 9,000 tons, accounting for more than 37% of the total scrap imports by Malaysia during the month. The imports from the country witnessed 74.3% rise from July last year. However, the imports from Singapore dropped heavily by almost one-third when matched with the prior month. Australia was the second largest exporter during the month, with 8,000 tons. The ferrous scrap imports from Australia surged higher by 253.4% over the previous year. The imports increased over 2.5 times when compared with the June ’16 imports.

The country imported 147,158 tons of scrap steel during the initial seven-month period of the year. The monthly imports averaged at around 21,000 tons so far this year. At the current rate, the country’s scrap steel exports are estimated to total around 250,000 tons during the entire year 2016.

The country had imported 30,193 tons of scrap steel during the month of June this year. The imports were up by 5.2% when matched with the previous month. The biggest exporter of ferrous scrap to Malaysia during June this year was Singapore. The imports from Singapore totaled 13,065 tons, accounting for more than 43% of the total scrap imports by Malaysia during the month. The US was the second largest exporter during the month, with 8,670 tons. In third place was Australia with 2,949 tons.

Malaysia had imported 29,000 tons of scrap steel during the month of May this year. The imports were down by 38.1% when matched with the previous year.

The country’s ferrous scrap imports had totaled around 45,000 tons during the first quarter of 2016, falling significantly by nearly 78% over the previous year. The largest scrap exporter to Malaysia during Q1 2016 was Singapore. The imports from Singapore totaled 17,000 tons, accounting for 38.2% of the total imports by the country during the quarter. The United States was the second largest import source during the quarter. Malaysia’s ferrous scrap imports from the US totaled around 12,000 tons, accounting for 26.1% share of the country’s imports during the month.

The yearly scrap imports by Malaysia during 2015 had touched the lowest levels since 1998. The yearly imports had totaled 445,513, dropping sharply by 53.7% over the previous year. Australia was the key exporter of scrap steel during the year. The country accounted for 28.3% share (126,069 tons) of the total imports by Malaysia during the year. In second place was the US with 113,578 tons, accounting for nearly one-fourth of the total monthly imports. The US was closely followed by Singapore. The imports from the country had totaled 110,350 tons during the entire year 2015.