Imported scrap, which was tied up during the Lunar New Year holidays, is being driven to the pier now. There were 153,984 t of arriving and awaiting major scrap piers across the country. It is reported that there were over 60,000 t more arriving and waiting than usual.
Currently, 22,109 t of material are berthing and unloading at major ports, with 131,875 t of declared material entering. Due to disruptions in port entry, loading, and unloading due to the Lunar New Year holidays, the waiting period has increased from last week.
The increase in incoming and waiting volumes is the result of increased imports from steelmakers who were concerned about a shortage of scrap inventory around the Lunar New Year holidays. In addition, as domestic supply decreased from last December, an increase in imports was added, and docks across the country seem to be crowded.
Steelmakers’ inventories are high, and steel mills’ utilisation rate is low due to the sluggish economy, and the arrival and standby volume of more than 150,000 t is expected to put a burden on domestic scrap suppliers.
Company-wise imports:
- Hyundai Steel: The company has reported 60,705 t of incoming and waiting material. By plant, there were 27,305 t in Incheon, 11,100 t in Pohang, and 60,705 t in Dangjin.
- Dongkuk Steel: Dongkuk Steel’s Incheon plant also reported 30,479 t, including 2,019 t being unloaded. Dongkuk Steel is maintaining a steady import pattern at the usual level.
- POSCO Steel: POSCO has not reported the entry of the Gwangyang Steel Mill, which is the main source of imports. However, 3,000 t are waiting to be unloaded at Pohang Works.
- SeAH Steel: SeAH Besteel is also unloading and waiting for a total of 29,500 t in Gunsan, including 5,000 t in unloading and 24,500 t in standby.
Port-wise imports:
- Masan Port: All major companies using Masan Port were listed. Korea Steel reported 8,000 t for 3 cargoes. SeAH Changwon Special Steel reported 3,800 t for 2 cargoes, and Deokin reported 5,000 t for 2 cargoes. Masan Port’s total incoming and waiting cargo is 16,800 t.
- Busan Port: Busan Port reported a total of 13,500 t. Of these, 1,000 t were domestically purchased by YK Steel. YK Steel’s 4-cargo capacity is 7,500 t, Daehan Steel’s 2-cargo capacity is 4,000 t, and the shipper’s unknown quantity is 2,000 t.
- Pohang Port: Pohang Port reported 14,100 t, Hyundai Steel reported 4 cargo 11,100 t, and POSCO reported 1 cargo 3,000 t.
Note: This article has been published in accordance with an article exchange agreement between SteelDaily and SteelMint.
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