South Korean Iron Ore Import Up by 10% in Aug’16

South Korea, the third-largest iron ore importer,after China and Japan, have imported 6.40 MnT iron ore in Aug’16, according to the trade data released by South Korea Customs.

Iron ore imports have witnessed a growth of 10.5% M-o-M as it was 5.79 MnT in Jul’16. On similar lines, South Korean iron ore import increased by 15.5% Y-o-Y.

During the first eight months of 2016, the country imported 46.4 MnT iron ore, down by 4.1% Y-o-Y as it was 48.3 MnT in the same consecutive period prior this year.

The non-agglomerated iron ore (lumps and fines) import in Aug’16 was registered at 6.15 MnT, up by 12.4% M-o-M. However, the agglomerated ore (pellets and concentrates) import was registered at 0.25 MnT, down by 21.8% M-o-M.

1. Australia, the largest exporter of iron ore to South Korea, accounted for around 64% of iron ore exports to South Korea. In Aug’16, the country imported 4.09 MnT in Aug’16, down by 3.3% M-o-M and remained unchanged on Y-o-Y.
2. Brazil, the second-largest iron ore exporter to South Korea, exported 1.11 MnT iron ore in Aug’16, up by 5.7% M-o-M. The nation imported 0.63 MnT iron ore in Aug’15.
3. South Africa, the third largest iron ore exporter to South Korea, exported around 0.58 MnT iron ore in Aug’16, up by 57% M-o-M and 16% Y-o-Y.