South Korea: Scrap arrivals across major ports drop w-o-w ahead of Lunar New Year

In the lead-up to the Lunar New Year, major steelmakers in South Korea have witnessed a significant decrease in ferrous scrap arrivals. As of 29 January, 2024, the volume at major ports recorded a reduction to 56,164 tonnes (t), marking a decrease of approximately 5,400 t compared to the previous week. This represents the lowest volume since 16 October of the preceding year when it stood at 37,000 t.

Company-wise arrivals

• Hyundai Steel's scrap arrival dropped by 6,000 t to 21,164 t.
  
  
• Dongkuk Steel scrap arrival increased by 5,000 t, reaching 9,000 t.
  
  
• SeAH Besteel reduced scrap imports from 13,000 t to 8,000 t.
  
  
• POSCO maintained its scrap import levels at 19,500 t.
  
  

Notably, Masan Port, predominantly utilised by Korea Steel, reported no waiting volume this year. However, Daehan Steel has three cargoes totalling 6,500 t awaiting entry into the port.

Grade-wise volume:

• Shredded decreased to 3,100 t.
  
  
• Shindachi remained at 7,000 t.
  
  
• The amount imported as scrap includes 35,000 t, with HS and H2 contributing 4,000 t and 7,000 t, respectively.
  
  

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