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Quantities Of Stainless Steel Scrap Supplied And Consumed In South Korea For CY 2008
= Purchases From Domestic Sources Increased, Its Consumption Decreased By 3.5% From That In 2007
According to the steel statistics compiled and released by Korea Iron and Steel Association, the quantities of stainless steel scrap purchased and consumed by South Korean stainless steel mills in the calendar year (January - December) of 2008 were as per the table shown below.

Because of the difficulties to obtain the data in August of 2008, it is not possible to grasp the whole picture with accuracy but the situation on supply and demand of stainless steel scrap in South Korea for the calendar year of 2008 trended as (1) the purchases of this scrap from domestic sources of South Korea increased by 6.4% compared with that in the preceding year of 2007., (2) the total quantity of stainless steel scrap supplied in South Korea, consisting of imports from overseas sources, generation from Korean mills and purchases from domestic sources, decreased by 6.5% compared to that in 2007., and (3) reflecting a reduction in stainless steel production, the consumption of stainless steel scrap by South Korean mills in 2008 had a decrease of 3.5% from that in 2007.

For a reference, in order to guess the whole picture of stainless steel scrap in South Korea, the quantities for August of 2008 were applied to the figures averaged on those in July and September. In view of the fact that Zhangjiagang Stainless Steel, which is an affiliated company in China of Posco as a leading producer of stainless steel in South Korea, launched to produce stainless steel on a substantial scale, the production of stainless steel in South Korea for 2008 had been restricted. In addition, the countermeasures to reduce stocks of stainless steel products in South Korea were implemented in spring of 2008 and the purchases of stainless steel scrap from domestic sources resulted in a lack of the surge.

Also, owing to a crisis of the world economy arisen in October - December quarter of 2008, automobile production has been decreased and, as the demand for stainless steel products from automobile industry is substantial, stainless steel production in South Korea has been driven to reduce. Accordingly, the quantity of stainless steel scarp consumed in South Korea has had a considerable decline from November and afterwards. South Korea consumed 37,501 tons of stainless steel scrap in December of 2008, having decreased by 50% compared with that in the same month of 2007.

However, South Korea is the country to be supplied and consumed stainless steel scrap on a scale of 900,000 - 1,000,000 tons per annum and also the market to put an impact on worldwide distribution of stainless steel scrap in parallel with Japan, China and Taiwan.
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last modified : Thu 30 Apr, 2009 [10:51]
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