South Korea: Stainless steel scrap buying rises 13.9% on year in H1 2021

In the first six months of 2021, South Korea's purchases of stainless steel scrap were recorded at 506,398 t - an increase of 13.9% compared to the same period last year, as per latest reports.

Total domestic purchase of stainless steel scrap stood at 270,000 t, a growth of 14.5% on year, which witnessed an increase for two successive quarters. The total import volume exceeded 140,000 t, up 18.2% y-o-y. Production by South Korean steel mills reached 80,000 t - higher by 5.1% on year.

According to industry sources, the main reason for the rise in consumption of stainless steel scrap is the booming stainless steel market, high international nickel prices, the supply of nickel and iron from steelmaker POSCO and the nickel and iron supplier SNNC at the same time purchasing stainless steel scrap to replace the demand for nickel and iron.

All these factors combined to drive stainless steel scrap purchases higher, sources informed.