- POSCO and specialty mills secure additional cargoes
- Mills accelerate procurement before holiday slowdown
SteelDaily: South Korea’s scrap iron imports rose sharply ahead of the Lunar New Year, as mills stepped up procurement to secure raw material before the holiday slowdown. As of 2 February, total scrap volumes arriving or scheduled to arrive at major ports nationwide reached 65,712 tonnes (t), up by nearly 30,000 t compared with end-January levels.
The rise was led by SeAH Besteel, which reported 27,646 t, marking its highest import volume since January 2023. Hyundai Steel also ramped up buying, importing 6,000 t at its Incheon plant and 16,000 t at Dangjin, with over 20,000 t still pending.
After a prolonged absence, Dongkuk Steel re-entered the import market, receiving two 5,000 t cargoes at its Incheon Steelworks. Additional arrivals included 3,000 t for Korea Special Steel at Jinhae, 2,000 t for Hwajin Steel at Pohang, and 6,000 t for POSCO at Gwangyang.
Overall, the sharp pickup highlights pre-holiday restocking by major mills amid concerns over post-holiday supply tightness.
Note:This article has been written in accordance with a content exchange agreement between SteelDaily and BigMint.
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