South Korea's scrap inventory rises w-o-w

Ferrous scrap inventory with major mills in South Korea has increased again this week. Inventory of the eight steelmakers totalled 982,000 t, an increase of 24,000 t from the previous week. In particular, the increase in inventory with steelmakers in the southern region was remarkable.

Region wise inventory status-

• Southern region: The inventory of steelmakers in the southern region was 406,000 t, up 23,000 t from the previous week. In particular, Korea Steel's stock this week increased by 16% from the previous week. Last week, Korea Iron and Steel implemented scrap warehousing control due to excessive inventory. Korea Steel announced that it plans to conduct additional warehousing control according to the company's inventory status.
  
  

Daehan Steel and YK Steel have the same inventory as Jeonju. Most steelmakers in the southern region cut prices on the 20th of last week and started to control stockings, but inventories are hardly decreasing.

Hyundai Steel's Pohang plant inventory increased by 10%, and Posco's inventory increased by 4% from the previous week.

• Central region: Inventories with steelmakers in the central region increased only by 1,000 t from the previous week. Hyundai Steel's inventory decreased slightly in Incheon, but increased slightly in Dangjin. Inventories with Dongkuk Steel Mill rose while those with Hwanyoung Steel fell slightly.
  
  

The average warehousing volume for the third week of April for the four Busan-Gyeongnam steelmakers was 12,340 t, a decrease of about 1,000 t from the previous week.

Sources believe that whether this inventory will continue to be low or whether it will revive this week will be a gauge of future price trends.

Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.