South Korea import scrap demand soars in 2021 amid stronger steel demand

Demand for ferrous scrap imported to South Korea has shown a notable recovery in recent months amid healthy steel demand and rising steel output in the East Asian nation.

South Korea imported 665,187 tonnes of steel scrap in January-April 2021, an increase of 20.3% year on year, according to Korean customs statistics.
Steel production in the country was 17.58 million tonnes during the first quarter of 2021, up 3.8% year on year, according to the Korea Iron and Steel Association (KOSA).
It marks a significant turnaround for South Korea compared with 2020, when several mills were forced to close furnaces and cut scrap purchasing amid weak downstream sales.

Market participants...

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold