South Korea: Ferrous scrap imports at major ports down w-o-w

The total amount of ferrous scrap imports declared at major ports across South Korea this week was 81,200 tonnes (t), down by 5% (4,500 t) from the previous week. The declaration of scrap entry has been consistently below 100,000 t since the end of March. Ferrous scrap imported by major importer, Hyundai Steel, is still small while Dongkuk Steel remained consistent.

Company-wise import volume

Dongkuk: Dongkuk Steel imported 22,200 t from Incheon port alone. Although, the volume decreased by 8,000 t compared to the previous week, the amount of port arrivals reported this week was the highest among all steelmakers.

Hyundai: Hyundai Steel imported a total of 18,000 t this week, which was slightly higher than last week's 10,500 t. However, it is still a small amount. The steelmaker brought in 6,000 t from Incheon, 2,000 t from Dangjin, and 10,000 t from Pohang.

SeAH Besteel: SeAH Besteel reported consistent import volumes of 21,500 t of ferrous scrap imports to Gunsan Port this week, which was slightly lower than previous week's 22,000 t. The steelmaker has been reporting an average of about 20,000 t of scrap every week without any significant fluctuations. Other steelmakers reported stable import volumes.

POSCO: POSCO's imports continued to decline steadily, with no ferrous scrap coming to Gwangyang. Only 2,000 t came to Pohang. In 2023, POSCO reported an average of 11,200 t of scrap per week, which was less than half of the 2022 average.

Daehan and YK Steel: At Busan Port, 15,500 t of scrap has been received, the same as last week. This 15,500 t of scrap has been reported for entry, out of which 8,000 t was for Daehan and 7,500 t for YK Steel. Masan Port received 2,000 t of Korea Steel and completed the declaration.

Ferrous scrap imports grade-wise

Shredded accounted for 7,000 t or 8.6% of the total import volume. Shindachi comprised 12,000 t or 14.8% of the total. Meanwhile, HS accounted for 7,500 t or 9.2%. H2 made up 9,000 t or 11.1% of the total volume.

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