South Korea: Steel scrap imports soar
South Korea: Steel scrap imports soar

2 August 2023 – Steel scrap imports to South Korea climbed to their highest level in 13 months in June 2023. Good market sentiment in South Korea largely responsible. And China unveils comprehensive package of measures to support private sector, especially small and medium enterprises.

China unveils measures to support private sector 

On 1 August, the Chinese government presented new measures to support the private sector. Among other things, they include a simplification of tax payments and new financing support. In addition, rules and protection for enterprises are to be improved and important economic regions are to receive further support. These include the Yangtze River Delta, the Greater Bay Area (an area comprising the provinces of Guangdong, Hong Kong and Macao) and the Beijing-Tianjin-Hebei region. These areas are to be developed into first-class business locations. 

The measures announced by the Chinese government focus primarily on micro, small and medium-sized enterprises.

South Korea: Steel scrap imports up sharply 

According to South Korean customs statistics, scrap imports to South Korea totalled 441 300 tonnes in June 2023, up 32% month-on-month and 12.2% year-on-year, reaching a new high since May 2022. 

Steel scrap imports at 13-month high 

South Korea’s steel scrap imports hit a 13-month high in June as a stronger national and real estate economy boosted market sentiment, which increased the procurement of scrap by local steelmakers in the month. 

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