In Busan, South Korea’s major port city, a fresh area of 210,176 sq m – equivalent to 30 football pitches – has been listed as storage space for LME registered metals as of the end of June this year.
According to LME data, P Global Services has been among the most active in grabbing space in the city – it has listed 13 warehouses on the LME between June 2015 and June 2017. The company now runs 15 warehouses in the area, just behind C. Steinweg which operates 18 warehouses, according to data accessed on August 2.
“Compete, we have to compete,” a South Korea-based source working with a major LME-warehouse operator said. “In the past three to four years, a lot of warehouses have been built in the city.”
Another warehousing source said competition has pushed “a couple of warehouses” in Busan to offer a generous mix of incentives and...