South Korea: Total seaborne ferrous scrap arrivals this week exceed 150,000 t

Total steel scrap arrivals at major ports were reported at 152,462 tonnes (t), a notable increase of 38,000 t compared to last week. Notably, Masan and Busan ports, which typically handle lower volumes, witnessed a substantial surge in scrap arrivals.

Company-wise scrap arrivals

• Hyundai Steel: Hyundai Steel reported a total of 66,887 t of scrap arrivals, with Incheon receiving 39,418 t, Dangjin 9,000 t, and Pohang 18,469 t. This week, Hyundai Steel maintained its position as the leading importer surpassing 50,000 t of scrap for the second consecutive week. 
  
  
• Dongkuk Steel: Dongkuk Steel brought in 16,500 t of steel scrap from Incheon Port alone. The steel producer, which has been importing more than 20,000 t of scrap on a weekly basis in 2023, reported less than 20,000 t of scrap arrivals this week. 
  
  
• Other companies: In Gunsan, SeAH Besteel reported total arrivals of 18,000 t of steel scrap, while in Busan Port, Daehan Steel and YK Steel brought in a total of 12,000 t. An unusual surge in goods entering Masan Port was observed.Alongside Korea Steel's 9,000 t, Korea Special Steel accounted for 8,000 t, and other distributors added 5,000. This was the first time since 2019 when scrap arrivals at Masan Port exceeded 20,000 t.
  
  

Grade-wise scrap arrivals

In terms of grade, there was a decrease in the volume of raw iron scrap. Shindachi and shredded scrap constituted 11.5% and 8.5% respectively of total arrivals. Russian-origin HMS accounted for 17,500 t, representing 11.5% of the overall volume. HS and H2 grades respectively made up 7.2% and 18.6% of the total.

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