South Korea: Ferrous scrap inventory at major mills drops 2% w-o-w

This week, the combined ferrous scrap inventory of eight major South Korean steel mills reached 807,000 tonnes (t), a 2% decrease from the previous week's 825,000 t.

Additionally, inventories have decreased majorly at rebar manufacturers, experiencing factory shutdowns for end-of-month maintenance or vacation seasons.

Region-wise inventory

Central region: In the central region, scrap inventory increased by 0.2% compared to the last week, totalling 432,000 t. Among companies Hwan Steel, which is set for major maintenance starting 22 July, the ferrous scrap inventory of the company decreased by 12.1% compared to the last week.

Meanwhile, only Dongkuk Steel increased its ferrous scrap inventory by about 5.8% compared to the last week. However, the company still faces challenges from earlier reductions in rebar and steel scrap inventories, leaving its total inventory 10% lower than this year's average.

Southern region: In the southern region, scrap inventory was recorded at 375,000 t, a decrease of 4.8% from the previous week. By company, POSCO's ferrous scrap inventory decreased by 8.5% compared to the previous week due to increased usage, while Hyundai Steel maintained its inventory at all plants at the same level as last week.

Additionally, the combined inventory of Daehan Steel and YK Steel decreased by 1.6%, while Korea Special Steel's inventory decreased by 2.8% compared to the last week. YK Steel is scheduled for major maintenance starting 27 July , and Korea Special Steel from 1 August.

For Korea Iron and Steel, which is scheduled for a plant closure at the end of the month due to summer vacation, the inventory decreased by about 5% compared to the previous week and POSCO completed repairs on its number 4 blast furnace at the end of last month and restarted operations.

Note: This article has been published in accordance with an article exchange agreement between SteelDaily and BigMint.