South Korea: Ferrous scrap imports drop by 50% y-o-y in H1CY'24

South Korea's ferrous scrap imports totalled 992,600 tonnes (t) in the first half of 2024 (January-June), representing a significant decrease of 50% compared to 1,996,002 t during the same period last year.

M-o-m, ferrous scrap imports were 154,740 t in June 2024, marking a 31% increase from 118,076 t in May 2024, according to BigMint's latest data. On a y-o-y basis, imports significantly decreased by 63%, compared to 415,353 t in June 2023.

Country-wise break-up:

Imports from Japan decline: Korean steel mills imported approximately 0.76 mnt of ferrous scrap in first half of calendar year 2024 (H1CY'24), a decrease of 48% compared to 1.47 mnt in H1CY'23. In June 2024, scrap imports amounted to 113,808 t, reflecting a 40% increase compared to 81,350 t in the previous month. On a y-o-y basis, imports saw a whopping decline of 89% from 46,533 t recorded in June 2023.

Imports from Russia drop: Imports from Russia to South Korea marked a 9% decline to 0.12 t in H1CY'24, compared to 0.13 t in the corresponding period last year. In June 2024, ferrous scrap imports rose by 15% m-o-m to 25,515 t, up from 29,362 t in the previous month. On a y-o-y basis, major mills' ferrous scrap imports from Russia decreased by 37% from 46,969 t in June 2023.

Imports from US down by 9%: Ferrous scrap imports from the US to South Korea stood at 0.06 mnt in H1CY'24, marking a significant decrease of 69% compared to 0.21 mnt in the same period last year. However, on m-o-m basis, scrap imports witnessed a rise of 18%, with 5,349 t in June 2024, down from 4,529 t in the previous month. However, on a y-o-y basis, imports declined by 89% compared to the 46,533 t imported in June 2023.

Billet exports, imports

South Korea's billet exports stood at 0.20 mnt, down by 6% compared to 0.21 mnt in H1CY'24. In June 2024, billet exports significantly declined by 33% m-o-m to 46,533 t, down from 69,944 t in the previous month. On a y-o-y basis, billet exports increased by 41% from 32,999 t in June 2023.

South Korea's steel billet imports slightly dropped by 5% y-o-y to 0.69 mnt as against 0.72 mnt in H1CY'24. Meanwhile, billet imports dropped by 48% m-o-m to 59,920 t against 116,028 t in May 2024. On a y-o-y basis, imports decreased by 57% compared to 138,979 t in the previous year.