Ferro chrome imports in to South Korea were recorded at 36,245 tonnes (t) in Jun’21, up by 3.4% m-o-m in Jun’21 as against 35,056 t seen in May’21, according to customs data. However, the same dropped by 5.1% q-o-q to 128,982 t in Q2 (Apr-Jul) CY’21.
South Africa, which accounts for 70% of global ferro chrome exports, remained the largest exporter to South Korea. However, imports from the country reduced by a hefty 50% m-o-m in Jun’21 to 11,643 t. This was because the South African ferro chrome producers had cut their production owing to higher electricity tariffs.
Ferro chrome imports from India jumped by 306% m-o-m to 8,419 t in Jun’21 as compared to 2,074 t in the previous month. However, the same decreased by 9% to 35,910 t q-o-q in Q2 CY’21. Lower prices of ferro chrome in India, along with increased export taxes from China influenced the South Korean buyers’ interest.
India exports around 90% of its total ferro chrome production to the Far East countries mainly to China, Japan, and Taiwan. It also has a long-standing relationship with POSCO, the South Korean conglomerate.
The other significant rise in imports was seen from Russia with 3,796 t in Jun’21, up by 121% m-o-m. On a q-o-q basis, volumes increased by 39% in Q2CY’21.
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