Inside the Markets - Korea Edition: Holding Course in a Volatile Recycling Market
Description
Asia’s recycling markets are shifting, but Korea is staying steady. In this Seoul special of Inside the Markets from GMS Podcasts, host Jamie Dalzell speaks with Gyungbae Gil, Head of the GMS Korea Office, to explore how Korean shipowners are navigating a volatile environment with patience, discipline, and a long-term view.
Gyungbae explains how falling steel prices, fluctuating currencies, and uneven regional demand are reshaping the recycling landscape. With freight markets still firm, most Korean owners are keeping vessels trading and preparing for future compliance under the Hong Kong Convention.
Key Discussion Points
Market Pulse: steel prices under pressure with India around USD 390 per ton, Bangladesh USD 520, and Pakistan USD 610 per ton
Currency Impact: a weakening Indian rupee near 89 per USD is keeping buyers cautious across South Asia
Owner Strategy: Korean shipowners continue trading longer amid firm freight rates with limited tonnage recycled in recent months
Compliance Focus: increased attention on HKC certified yards as ESG reputation drives recycling decisions
Regional Outlook: India remains active but soft, Bangladesh cautious, and Pakistan strong on pricing but lacking HKC certification
Forecast: a quiet end to 2025 expected with more recycling likely once freight softens and prices stabilize
From Seoul to shipyards across the subcontinent, the message is consistent. Trade now, recycle responsibly later.
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