According to data released recently by the Korea Iron andSteel Association, in October, exports of Korean steel and scrap and other rawmaterials increased slightly, reaching 2.573 million tons, an increase of 3.1%.Driven by rising steel prices in China, the volume of steel and scrap shippedto China increased by 28.8% year-on-year to a total of 416,200 tons.
At the same time, South Korea’s exports of steel and scrap toJapan increased by 9.8% year-on-year to 359,400 tons. This is not only relatedto the increase in steel demand in the Japanese automotive and machineryindustries, but also related to the increased demand for steel for theconstruction industry related to the 2020 Tokyo Olympics.
South Korea’s exports of steel and scrap to the United Stateswere transferred to Mexico. In October, South Korea’s steel and scrap exportsto Mexico soared by 49.9% to 222,200 tons.
In October, South Korean steel and scrap imports increased by14.6% year-on-year to 2,196,900 tons. Among them, the volume of steel and scrapimported from Japan increased by 12.7% year-on-year to 877,300 tons; the volumeof steel and scrap imported from China increased by 2.5% to 760,200 tons.