South Korea: Ferrous scrap inventory at major mills edges up for 2nd week in a row

SteelDaily: This week, the combined ferrous scrap inventory of eight major South Korean steel mills touched 707,000 tonnes (t), marking a rise of 2% from 692,000 t seen a week back. Notably, this is the first time since March that inventory levels have moved up for two consecutive weeks. The increase is attributed to elevated inventory levels of imported products, which arrived at the end of last month.

The central region experienced a drop, whereas the southern region saw a rise, indicating contrasting trends.

Region-wise inventory

Central region: In the central region, scrap inventory fell by 1% w-o-w, holding at 342,000 t. In terms of companies, Hyundai Steel's Incheon plant maintained steady inventory levels compared to the previous week. Meanwhile, Dongkuk Steel, despite being in the middle of conducting maintenance on its 120-t furnace in Incheon, saw a 6% increase w-o-w, while inventory levels at Hyundai Steel's Dangjin plant and Hwanyoung Steel remained unchanged.

Southern region: In the southern region, inventory levels were assessed at 365,000 t, reflecting a 5% w-o-w increase. Hyundai Steel's Pohang plant reported no change in inventory levels, while POSCO's scrap inventory rose by 17% w-o-w.

The combined inventories of Daehan Steel and YK Steel rose by 7% w-o-w, and Korea Iron and Steel remained stable from the previous week. Steel imports from the southern region surged to an estimated 19,000 t, marking their highest increase since early July.

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