South Korea: Stainless steel scrap imports rise nearly 50%, m-o-m, in July
South Korea’s stainless steel scrap imports in July 2022 stood at 32,561 tonnes (t), up 49.24% from 21,818 t in June, according to customs data.Total imports fr...
South Korea's stainless steel scrap imports in July 2022 stood at 32,561 tonnes (t), up 49.24% from 21,818 t in June, according to customs data.Total imports from January to July this year totalled 198,988 t, an increase of 13.64% over the same period in 2021.South Korean stainless steel scrap exports totalled 9,292 t in July, a decrease of 5.71% from 9,855 t in June.Total exports were 61,121 t from January to July this year, a decrease of 38% from the same period last year.Country-wise imports, exports
Japan was the largest exporter of stainless steel scrap to South Korea in July with 9,900 t, an increase of 60% over the previous month.
- Thailand and Taiwan were the second and third largest exporters, with 8,250 t and 6,764 t, respectively.
- India was the largest importer of stainless steel scrap from South Korea in July, with 6,744 t, followed by Japan at 1,750 t.
In terms of series imports by India, the 200 series scrap volume was 2,023 t, the 300 series was 2,525 t, and the 400 series scrap volume was 2,988 t.
Stainless steel finish scenario Imported finished goodsThe total volume of imported finished flat stainless steel was 59,212 t in July, up 14% from 52,135 t in June.According to Steelmint data, China was the largest exporter in July with 28,171 t, followed by Taiwan and Vietnam with 8,807 t and 7,089 t, respectively.Finished product exportsThe total volume of exported finished flat stainless steel was 89,086 t in July, up 20% from 74,342 t in June.According to Steelmint data, Thailand was the largest importer in July with 16,588 t, followed by Vietnam and Turkey, with 12,342 t and 10,757 t, respectively.Major stainless steel producers such as POSCO and Hyundai BNG Steel will cut production in September. POSCO announced that it has decided to expand production cuts after careful consideration as part of measures to prevent retail price decline and stabilise the stainless steel market. It is estimated that output cuts will reduce supply by approximately 50,000 t.The reduction in production may result in an increase in the volume of imported stainless steel into the country.
