South Korea: Ferrous scrap arrivals decline sharply by 18% w-o-w

Ferrous scrap arrivals into South Korea have been on a continuous decline since the end of June, with new port arrivals consistently staying below 100,000 t. As of 19 July, total steel scrap arrivals at major ports across nation amounted to 59,800 t, a significant decrease of 18% or 13,000 t compared to the previous week. Since the initial report of 150,000 t of port entry reported in the third week of June, imports have not surpassed 100,000 t.

Company-wise arrival-

• Hyundai Steel: Total scrap arrival for Hyundai Steel in the week stood at 14,500 t that came into Incheon (10,000 t), Dangjin (2,000 t), and Pohang (2,500 t) ports.
  
  
• Dongkuk Steel: Total scrap arrival stood at 16,800 t into Incheon Port, a slight increase from the previous week.
  
  
• SeAH Besteel: The steelmaker seems to be experiencing delays in unloading scrap at Gunsan Port. About 29,100 t of new scrap arrivals were recorded in the first week of July, waiting to be unloaded, and only 8,500 t of new scrap arrivals were recorded this week. There were no new arrivals last week.
  
  
• POSCO: The company imported more than 10,000 t, with a specific report of 17,000 t of new arrivals into Pohang Port. There were no records of new arrivals into Gwangyang Port.
  
  
• Korea Iron and Steel: About of 3,000 t of steel scrap arrivals were recorded into Masan Port. There were no new arrival into Busan Port.
  
  

Grade-wise distribution of arrivals-

• Shredded scrap accounted for 22.6% or 13,500 t of the total scrap arrivals. Though the absolute volume increase was not significant, the proportion increase was noticeable due to the overall reported volume being relatively small.
  
  
• Shindachi accounted for 7.5% or 4,500 t of the total arrival.
  
  
• HS scrap accounted for 15.1% or 9,000 t of the total arrival.
  
  

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