- South Korea’s scrap inventory down 9% to 845,000 t
- First weekly decline in May due to lower shipments
SteelDaily: The combined ferrous scrap inventory of eight major South Korean steel mills fell by approximately 9% to 845,000 tonnes (t) this week from 929,000 t last week. This marks the first weekly decline in May.
Domestic steelmakers reported a decline in iron scrap inventories, as incoming shipments remained steady but lower than usual, likely due to recent holidays and related disruptions.
Region-wise inventory
Central region: The central region’s steel scrap inventory decreased by approximately 11% w-o-w to 459,000 t.
Southern region: The southern region’s steel scrap inventory decreased by approximately 6% w-o-w to 386,000 t.
Market update
With nationwide inventory levels declining, steelmakers are likely to compete more aggressively to secure material. The sharp drop in inventories post-holiday, combined with unstable market sentiment following a series of special purchase registrations, has heightened the need to stabilize supply and demand.
A market participant noted that steelmakers appear to be drawing down inventories faster than usual due to limited availability in recent weeks. As a result, mills are expected to continue raising purchase prices to replenish stocks.
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