According to statistics from the Korea Iron and Steel Association (KOSA), South Korea's scrap imports plunged to an unprecedented low of 900,000 tons in the first half of this year, decreasing by 20% from the same period last year. This volume was just one-third of the peak recorded three years ago, primarily due to a severe downturn in the construction industry.

In June alone, scrap imports totaled 152,000 tons, slightly up from May's record low of 96,000 tons while down by 10.4% year on year, the 13th consecutive month of year-on-year decrease.

In terms of exports, South Korea exported around 244,000 tons of scrap in the first half of this year, a year-on-year hike of 25.5%. Deliveries to India and Vietnam soared by 87.5% and 116.9%, respectively.