South Korean ferrous Scrap Consumption to Increase by 7 M/T

Mr. Young Kook Park, chairman of Korea Steel Scrap Industrial Association, forecasts the demand for ferrous scrap in South Korea is expected to increase by 7 million tonnes per year after 2010 from 2006, the country is expected to purchase it for over 90% against ferrous scrap needs from domestic market after 2015 if domestic ferrous scrap yield would increase, according to the interview by Japan Metal Bulletin’s reporter. Hyundai Steel re-started electric furnace of the capacity at 180 tonnes per charge. Daehan Steel Mill and Korea Steel Shapes introduce electric furnace of the capacity at 80 tonnes. Dongbu Steel advances to produce hot coil. These makers increase their consumption of ferrous scrap. Ferrous scrap demand in South Korea South Korean crude steel was 47.74 million tonnes in 2005. The crude steel produced by electric furnace was 21million tonnes in 2005. Significant quantities of steel products in South Korean were presumed to be 424.12 million tonnes. South Korean ferrous scrap yield is expected to be about 21 million tonnes including the yield by blast furnace plant and electric furnace plant at above 4 million tonnes. South Korean ferrous scrap import was above 5.6 million tonnes in 2006.Ferrous scrap demand largely increases by the increased business investment. Hyundai Steel re-started electric furnace of the capacity at 180 tonnes per charge in Tianjin plant because the amount of steel products export keeps high level and the demand for steel products is increasing. Hyundai Steel will increase the purchase by over 1 million tonnes per year. Dongbu Steel introduces 2 electric furnaces of the capacity at 160 tonnes per charge, and plans to purchase ferrous scrap at 2.7 million tonnes per year after 2009. POSCO is increasing the purchase volume of ferrous scrap from market for mini mill in Gwangyang iron works.South Korea is responding for shortage of ferrous scrap by the import from Japan, USA or Russia. Especially, the import from Japan accounts for over 60% against all import in 2006. Mr. Park said there is high possible the import increases in the future.

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