Inside the Markets - Korea Edition: Holding Course in a Volatile Recycling Market
GMS Podcasts17 Okt 2025

Inside the Markets - Korea Edition: Holding Course in a Volatile Recycling Market

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.

Follow GMS Podcasts for market intelligence and regional updates from our country heads in Asia, the Middle East, and Europe. Subscribe to the GMS Podcasts and follow GMS on LinkedIn for future updates and discussions.

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