South Korea: Scrap arrivals at major ports drop by over 20% w-o-w

SteelDaily: In August 2024, major steelmakers in South Korea have witnessed a significant decrease in ferrous scrap arrivals. As of 22 August, 2024, the volume at major ports recorded a reduction to 59,830 tonnes (t), marking a decrease of approximately 19,324 t or 24% compared to the previous week.

Company-wise arrivals

• Hyundai Steel's new scrap arrivals totalled to 6,000 t in reported entries, of which 4,000 t arrived at the Dangjin port and 2,000 t at the Pohang. This marked a significant decrease of approximately 18,000 t compared to the previous week.
  
  
• Dongkuk Steel reported an entry of approximately 4,500 t at the Incheon port.
  
  
• SeAH Besteel reported 17,000 t of sheet special steel imports. Of this, 14,000 t were still pending and are anticipated to arrive throughout the remainder of the month.
  
  
• POSCO, experiencing a rise in import volumes since mid-July, reported a total of 21,500 t. It comprised 15,500 t at the Pohang facility and 6,000 t at Gwangyang.
  
  

Notably, overall, imports from plate special steel manufacturers were more prominent than those from steel bar manufacturers. Notably, plate special steel accounts for 64% of the total reported imports, representing more than half of the total volume.

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