- Scrap inflows steady across key Korean ports
- Surplus inflows may pressure down prices
SteelDaily: South Korea’s major ports recorded over 30,000 tonnes (t) of imported scrap iron as of the second week of April. Various grades of scrap iron continue to arrive steadily through key ports, including Incheon, Dangjin, Gunsan, Masan, and Jinhae.
Port-wise arrivals
Incheon: More than 8,000 t of H2 and other materials were reported to have arrived.
Dangjin: A total of 6,600 t of HS and Shindachi were reported to have arrived.
Gunsan: Received the largest amount of materials, exceeding 17,000 t.
Masan and Jinhae: It was confirmed that 2,000 t of scrap were imported.
A market participant commented, “Even as domestic prices are declining, the volumes that were already agreed upon must continue to arrive at a certain level.”
Another source added, “If the inflow surpasses a certain threshold, it could become a hindrance to the market’s recovery.”
Other market participants indicated: “The rise in port inventory could influence the market trend in the medium-to-long term. Specifically, if imports continue to accumulate amid ongoing weak domestic demand and production cuts, there is concern that steelmakers may increasingly turn to imported materials, thereby exerting pressure on domestic suppliers.”
Overall, the majority of high and medium grade scrap is concentrated in Gunsan and Dangjin, with a noticeable share of H2 and Shindachi grades. The persistence of imports, even amid challenging market conditions, is primarily attributed to the fulfillment of pre-established contract volumes or routine incoming shipments.
Note: This report has been published in accordance with an article exchange agreement between SteelDaily and BigMint.
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