South Korea's scrap imports reach record high

South Korea's scrap imports increased by 32 percent compared to May 2023 and by 12 percent compared to June 2022 in June 2023, reaching 441,300 tons. With this increase, South Korea has set a new record since May 2022. According to the officials, this increase was due to a stronger national economy and market sentiment, which increased domestic steelmakers' scrap purchases.

In the first half of 2023, South Korea's net scrap imports were recorded as 2.1 million tons.