South Korea: Imported ferrous scrap arrivals increase w-o-w

Imported scrap arrivals in South Korea have increased w-o-w. This week, the key ports in the country declared the total volume at 166,877 tonnes (t) of scrap, an increase of roughly 13,000 t over the previous week.

The quantity of port entrance declarations has increased since the beginning of the year.

Although Japanese scrap offers at the end of last year had increased, it appears that Japanese scrap imports have remained consistent. Hyundai Steel bid for scrap from Japan again on 2 February. The company's bids for H2 scrap stand at JPY 52,000/t ($405/t) and for HS at JPY 56,000/t ($436/t) FOB.

Company-wise imports:

• Hyundai Steel: To Incheon, Pohang, and Dangjin, the company delivered 40,077 t as against the low import volume in the second half of last year. Despite the import duty on scrap imports of sizeable volumes have been reported.
  
  
• Dongkuk Steel: 35,200 t of US-origin scrap was delivered to Dongkuk Steel at Dangjin Port. American scrap has not entered South Korea in over six months. Dongkuk Steel reported 38,300 t of scrap in Incheon in addition to 35,200 t of US imports in Dangjin, for a total of 73,500 t. This week, the highest volume was sourced.
  
  
• POSCO: Only 8,000 t was imported by POSCO from Pohang and Gwangyang. Despite the fact that POSCO's imports of scrap are not improving, it sourced 36,000 t of HBI via Pohang.
  
  
• SeAH Steel: SeAH Steel brought 25,500 t of scrap to the port at Gunsan. It is around 4,000 t less than last week, although scrap imports average between 25,000 t and 30,000 t each week.
  
  

Grade-wise, shredded was 6,000 t, shindachi 21,000 t, and HS 6,000 t. The proportion of scrap increased significantly compared to other grades.

Port-wise Imports:

Masan Port and Busan Port: 6,800 t of scrap arrivals were recorded at Masan Port and 13,000 t at Busan Port.

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