As per latest customs data,South Korea flat steel exports which includes 7208 (HR coils /Plates),7209 (CR coils),7225 (Electrical sheets),7210/7212 (GP/GC) inch down by 4% to 1.72 MnT in Oct’18 which was 1.8 MnT in previous month.
However on yearly basis the same witness decline by 9% to 1.72 MnT in Oct’18 as compare to 1.9 MnT in Oct’17.
During first ten months Jan-Oct’18,nation exported 18.22 MnT of flat steel lower by 3% against 18.72 MnT in same time period of previous year.
As per market reports, the country’s steel companies will increasingly employ technology to lower emissions in complying with environmental regulations.Thus nation’s environmental platforms will hinder steel industry growth.
Other factors for the industry’s slowdown are the decreasing domestic demand and the quota on steel exports to the US.South Korean exports of steel have a quota of sending 2.7MnT per annum, which is 30% less than the annual average during 2015 to 2017.
Commodity Wise South Korea Flat Steel Exports in Oct’18
| Sub Commodity |
Oct’18 | Sep’18 | M-o-M (Change in %) |
Sep’17 | Y-o-Y ( Change in %) |
| HRC/Plate | 0.62 | 0.62 | 0 | 0.7 | -11.4 |
| Galvanized Steel | 0.55 | 0.62 | -11.29 | 0.6 | -8.3 |
| CRC | 0.35 | 0.34 | 2.94 | 0.33 | 6.1 |
| Electrical Steel | 0.17 | 0.19 | -10.52 | 0.24 | -29.2 |
| Others | 0.03 | 0.02 | 50 | 0.03 | 0.0 |
| Grand Total | 1.72 | 1.8 | -4 | 1.90 | -9 |
Quantity in MnT
Source- SteelMint Research
Country-wise flat steel exports in Oct’18- China stood as the largest flat steel importer of South Korea and has imported 0.33 MnT of flat steel in Oct’18 up by 14% as compare to 0.29 MnT in previous month
Second largest importer was Japan which stood at 0.23 MnT in Oct’18 up by 10% M-o-M basis as compared to 0.21 MnT in Sep’18.Meanwhile,India at 0.20 MnT in Oct’18 fell by 5% as compare to 0.21 MnT in Sep’18.
Other major importing nations include,Mexico at 0.19 MnT,Thailand at 0.12 MnT followed by USA at 0.10 MnT and Vietnam at 0.06 MnT in Oct’18
South Korea flat steel Imports in Oct’18 – Nation’s flat steel imports stood at 0.66 MnT in Oct’18 decline by 20% against 0.55 MnT in previous month.
However on yearly basis nation’s flat steel imports fell by 6.6% to 0.56 MnT in Oct’18 as compared to 0.6 MnT in previous month.
Major importing nations were China and Japan at 0.36 Mnt and 0.28 MnT in Oct’18.
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