South Korea: Ferrous scrap imports rise 19% m-o-m in October

South Korea's ferrous scrap imports stood at 285,414 tonnes (t) in October, up by 19% in comparison with 238,830 t in September. However, on an annualised basis, scrap imports decreased 16% compared to 340,944 t in the corresponding period last year (CPLY).

Country-wise imports

Japan: Scrap imports from Japan jumped by 21% to 203,340 t in October from 168,196 t in the previous month. Meanwhile, when compared to October 2022, scrap imports registered a significant drop of 30% compared to 291,588 t seen in the same period last year.

USA: Imports of scrap from the US jumped to 40,765 t in October from a mere 14,601 t in September. Similarly, on a y-o-y basis, scrap imports registered a whopping rise of over 128% compared to 17,814 t imported in October 2022.

Russia: In October, imports of ferrous scrap from Russia reached 30,669 t, reflecting a significant 56% rise compared to the 19,650 t recorded in the previous month. Y-o-y, imports from Russia exhibited a twofold increase, surpassing the 15,631 t reported in October 2022.

Billet imports, exports

South Korea's steel billet imports rose 21% to 107,511 t in October from 88,930 t seen in the previous month. Japan was the largest exporter at 70,304 t, followed by China and Oman at 32,943 t and 4,097 t, respectively. When compared to the same period last year, billet imports surged 54% against 69,985 t in October 2022.

Billet exports from South Korea decreased by 39% to 65,408 t in October in comparison with 107,204 t in September. Mexico and Japan were the leading importers of Korean billets at 47,071 t and 12,867 t during the month. On a y-o-y basis, exports dropped sharply by 64% against 180,524 t in October 2022.

Outlook: The surge in steel billet imports suggests that demand for steel remains strong in South Korea. However, the sharp drop in billet exports suggests that South Korean steelmakers are trying to fulfill domestic needs rather than overseas markets. South Korean mills are likely to continue to import better scrap volume to meet their demand.