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South Korea planned to control steel scrap in cars and abandoned buildings as a strategic material due to supply constraints and soaring prices caused by the conflict between Russia and Ukraine, a South Korean government official said on Thursday.
The official said that the South Korean government was considering a variety of ways, including building up incentive mechanisms to ensure that sufficient scrap was obtained.
According to Fastmarkets, scrap prices have soared by nearly 40% since the end of February.
South Korea has a huge automobile, shipbuilding and home appliance industries, and is a major consumer of steel. In 2020, 83% of the scrap steel in South Korea came from domestic, while 13% was supplied by Russia.
Lee Jae Yeon, an official of the metals and Ceramics Department of the South Korean Ministry of trade, said that "The global demand for electric furnaces is increasing because their carbon emissions are lower than those of blast furnaces. Scrap is a key raw material for electric furnaces, and the demand for scrap is also growing. Managing it as a strategic material is part of our response," she said.
According to the latest data, in 2020, 31% of steel in South Korea was produced by electric arc furnace.
According to the data of the Korea International Trade Association, in April, the scrap imported from Russia more than tripled, reaching US $24million.
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