Large South Korean rolling mill shut down
Large South Korean rolling mill shut down

18 October 2022 – Another South Korean steel producer has to temporarily shut down a mill. This further fuels concerns there about the current availability of steel and stainless steel. Demand for stainless steel is picking up significantly not only in Europe but also in China. And Asian prices for stainless steel scrap have risen by 8.9% since July.

Another South Korean cold rolling mill temporarily shut down

Due to a “wildcat” strike at a major South Korean steelmaker that has been ongoing since late September 2022, it has now announced that it will shut down a cold rolling mill for a few weeks. Already in September, a major steel and stainless steel producer had to shut down large parts of its production due to storm damage. This is driving concerns in South Korea that the steel supply there could no longer be guaranteed.

EU: Stainless steel demand continues to pick up

For October, media and market sources report that trading activity for stainless steel coils, sheets and tubes has increased significantly. Further price increases are also reported. Re-rollers and service centres in particular report a significant increase in orders and thus increased delivery activity.

Asian stainless steel scrap prices increased

Prices for Chinese stainless steel scrap have currently risen by 1.53%. Since the beginning of October they have already risen by more than 3%. Overall, stainless steel scrap prices in China have picked up significantly since July 2022 (+8.9%) and are already above the level at the beginning of 2022.

Chinese warehouses are emptying fast

The stainless steel stocks in the social warehouses in China are emptying quickly according to current statistical data and the production there is currently unable to replenish them. Depending on the grade, stocks have fallen by up to 6.42% compared to the previous month. Stocks of the 200 and 300 series have fallen particularly sharply.

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