South Korea Finish Long Steel Imports Slump 14% in November

As per custom data, South Korea has imported about 0.19 MnT of Finish long steel in Nov’18, down sharply by 14% M-o-M as against 0.22 MnT in Oct’18.

Further on yearly comparison, finish long steel imports dipped by 17% as compared with 0.23 MnT in Nov’17.

On a cumulative basis, the country’s total finish long steel imports during Jan-Nov’18 stood at 1.92 MnT, down by 33% which was about 2.87 MnT in Jan-Nov’17.

China remained the largest exporter of Finish long steel to South Korea during Jan-Nov’18, with a contribution of around 46.94% (0.90 MnT), followed by Japan 35.44% (0.68 MnT), Vietnam 9.93% (0.19 MnT) & Taiwan 3.99% (0.08 MnT).

Prior to this in CY17 (Jan-Dec), the country’s finish long steel imports was at around 3.06 MT.

Exports:

South Korea has exported about 0.2 MnT of Finish long steel in Nov’18, stable on monthly basis. However on Y-o-Y basis, country’s export incline by 11% in Nov’18 as against 0.18 MnT in Nov’17.

During the Jan-Nov’18, country’s total finish long steel exports stood at 2.32 MnT, increased by 6% than the 2.18 MnT in Jan-Nov’17.

Japan remained the largest exporter of finished long steel to South Korea during Jan-Nov’18, with a contribution of around 10.38% (0.24 MnT), followed by Malaysia 9.57% (0.22 MnT), Vietnam 9.12% (0.21 MnT), Canada 8.19% (0.19 MnT).

Updates:

— Currently, the rebar price range in the South Korea’s distribution market is between USD 638/MT to USD 697/MT, as per SteelDaily reports.

— South Korea’s leading EAF steelmaker – Hyundai Steel has booked another bulk scrap cargo from the US (equivalent to HMS 1) at USD 313/MT, CFR South Korea for Mar’19 delivery. Hyundai Steel’s scrap import prices have moved down by USD 12/MT against last bulk contract concluded from the US at USD 325/MT, CFR for Feb’18 shipment.

— South Korea’s Billet imports has dipped from Japan by 45% M-o-M to 0.05 MnT in Nov’18 in comparison with 0.08 MnT in Oct’18.