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.

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