South Korea Finish Long Steel Imports Surge 57% in October

As per custom data, South Korea has imported about 0.22 MnT of Finish long steel in Oct’18, sharply rise by 57% M-o-M as against 0.14 MnT in Sep’18.

Further on yearly comparison, finish long steel imports marginally rise as it was about 0.21 MnT in Oct’17.

On a cumulative basis, the country’s total finish long steel imports during Jan-Oct’18 stood at 1.73 MnT, down by 34% which was about 2.64 MnT during Jan-Oct’17.

China remained the largest exporter of Finish long steel to South Korea during Jan-Oct’18, with a contribution of around 47.47% (0.82 MnT), followed by Japan 35.78% (0.62 MnT), Vietnam 9.81% (0.17 MnT) & Taiwan 3.91% (0.07 MnT).

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

Exports:

The South Korea has exported about 0.19 MnT of Finish long steel in Oct’18, increased by 6% M-o-M as compared to 0.18 MnT in Sep’18. Similarly on Y-o-Y basis, country’s export rise by 19% in Oct’18 as against 0.16 MnT in Sep’17.

During the Jan-Oct’18, country’s total finish long steel exports stood at 2.11 MnT, increased by 6% than the 2.37 MnT in Jan-Oct’17.

Japan remained the largest exporter to South Korea during Jan-Oct’18, with a contribution of around 10.52% (0.22 MnT), followed by Malaysia 9.11% (0.19 MnT), Vietnam 9% (0.19 MnT), Canada 8.45% (0.18 MnT).

Updates:

— According to World steel association, South Korea’s crude steel production rise marginally by 2.2% during Jan-Oct’18 and stood at 60.36 MnT as against same preceding last year at 59.09 MnT (Jan-Oct’18)

— South Korean leading EAF steelmaker Hyundai Steel has contracted for Japanese H2 scrap after the gap of almost 4 months’ period. According to recent reports, steelmaker has slashed bids for Shindachi grade scrap and H2 by JPY 1,000/MT (USD 9) as against last weeks’ report.

— In the mid of the week, South Korean SeAh Besteel booked Japanese Shindachi scrap at JPY 41,500/MT, CFR for which delivery is scheduled in Jan’18.