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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. ....
FOCUS: Restart of China scrap imports bad news for rival Asian buyers Chinaâs regulatory reboot to again become a major steel scrap importer is likely to cause supply problems for other consumers of Japanese material, market participants have told Fastmarkets. The first deals signed by Chinese companies after rules changed on December 31 to officially allow the restart of scrap imports to China have all been for vessels of Japanese material. If this continues, Chinaâs import strategy is likely to pose a great challenge to other territories that depend on the supply of Japanese scrap, such as Vietnam, Taiwan and Bangladesh, sources said. ....