South Korea: Imported ferrous scrap arrivals drop slightly w-o-w

Imported scrap arrivals in South Korea decreased slightly this week after steadily increasing since the beginning of the year. This week, major ports in the country declared the total volume at 175,062 tonnes (t), a decrease of 3% or 5,846 t from the previous week as on 22 February 2023. The number of ships entering the port has increased compared to last weekend and it is anticipated that this trend will continue boosting volumes of domestic steel scrap distribution.

Company-wise imports:

• Hyundai Steel: At Incheon, Dangjin, and Pohang, Hyundai Steel has reported a total of 57,306 t of scrap. Incheon received 33,400 t, Pohang 17,906 t, and Dangjin 6,000 t. 16,900 t of HMS from New Zealand entered Incheon. Hyundai Steel’s imports via large mother ships, which resumed at the end of last year, have recently arrived at domestic ports leading to a relaxed inventory situation.
• Dongkuk Steel: From last week Dongkuk Steel imported the most among all steel producers. A total of 71,275 t were imported by the company: 35,200 t for Dangjin, 33,300 t for Incheon, and 2,775 t for Pohang. Large mother ships from Australia arrived at Incheon and Dangjin. Russian HMS arrived in Pohang. It is anticipated that the quick growth in Dongkuk Steel’s inventory will continue for some time given the fact that the company also received a sizable quantity last week.
• POSCO:  POSCO’s import volume is not increasing. It imported only 8,300 t of scrap for Pohang and Gwangyang. POSCO has not been able to bring in more than 10,000 t of scrap since last September.
• SeAH Steel, Daehan Steel: SeAH Besteel reported 22,681 t of scrap in Gunsan. It appears to have lowered its imports to 15,000 t last week but has imported more than 20,000 t this week and more than 20,000 t this year. Daehan Steel reported receiving 9,500 t of scrap in Busan, while Masan Port received 6,000 t.

Grade-wise arrivals:

HMS imports were 27,075 t this week, accounting for 15.5% of the total. 10,000 t arrived, representing a considerable rise over the previous week’s total of 5.5%.

Imports of other grades were almost the same as the previous week. Shredded imports stood at 10,500 t, accounting for 6% of total volumes. Shindachi with 14,181 t accounted for 8.1% of the total, while HS and H2 with 10,000 t and 8,506 t, accounted for 5.7% and 4.9%, respectively, of total imports.

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