South Korea, the world’s 6th largest steel producer has registered down fall in its monthly finished steel imports by about 22% in long products & 10% in Flat products during May’19.
However, the country’s raw materials import remains strong and surged upto 17% M-o-M in May’19.
Iron Ore Imports- South Korea Iron ore imports up 17% in May’19 and recorded at 6.57 MnT as against 5.63 MnT in Apr’19. On yearly basis, imports slightly picked up by 5% compared to 6.28 MnT in May’18.
Country wise: South Korea recorded highest imports from Australia at 5.42 MnT which is sharp hike by 43% against 3.79 MnT in Apr’19.
Imports from Brazil dropped by 32% to 0.61 MnT due to supply crisis from Vale followed by Canada at 0.22 MnT (-24%) & Imports from India resumed in May’19 at 0.13 MnT, post recording nil shipments for two consecutive months.
Coal Imports-South Korean coal imports have increased by 4% to 11.36 MnT in May’19 compared with 10.92 MnT in Apr’19. The country has witnessed an upsurge in monthly imports since posting its lowest intake during Mar’19.
However, imports were recorded lesser y-o-y in the past three months to May’19. Apparently, Coal imports in May’19 was marked 3% lower on yearly premises from 11.68 MnT in May’18.
Energy plan set by the country for 2019 is expected to reflect the push for even more renewable and more gas-fired power at the expense of coal, imported from countries such as Indonesia, Australia and Russia.
Notably, South Korean coal imports have fell by 9% Y-o-Y to 57.08 MnT in the first 5 months of CY19, compared with 63 MnT recorded in the same period of CY18.
Ferrous Scrap Imports-South Korea Ferrous Scrap imports registered at 0.57 MnT in May’19 which has been move up by 5.55% against 0.54 MnT in Apr’19.
In line, yearly basis it stood at 0.49 MnT in May’18 which is elongated by 16.32%.
Country Wise – The major imports of ferrous scrap in May’19 registered through Japan at 0.32 MnT (-8.57%) followed by USA – 0.10 MnT and Russia – 0.09 MnT.
Finish Long Imports-South Korea Finish long steel imports registered at 0.21 MnT in May’19 which has been shrunk by 22.23% against 0.27 MnT in Apr’19.
On contrary, yearly basis it was about 0.16 MnT in May’18, which is elongated by 31.25% to 0.21 MnT in May’19.
Under Finish long commodities HS codes has been considered – Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).
Re-bar imports were registered at 0.12 MnT in May’19 (down by 14.28%) against 0.14 MnT in Apr’19. In line Structure registered a fall of 36.36% and stood at 0.07 MnT in May’19 compared to 0.11 MnT in Apr’19.
Whereas, Wire rod registered at 0.02 MnT in May’19 which is stable against previous month.
Country Wise – The major imports of Finish Long Steel in May’19 registered from China at 0.12 MnT in May’19 (-14.28%) followed by Japan – 0.05 MnT (-28.57%) and Vietnam – 0.02 MnT (0%).
Flat steel imports-South Korea’s flat steel imports declined by around 10% to 0.85 MnT in May’19 against 0.94 MnT in preceding month. On yearly premise nation’s import surged by 33% in May’19 in comparison with 0.64 MnT in May’18.
During first five months of CY’19 (Jan-May), the nation’s flat steel imports acclaimed by 12% to 4.01 MnT which was 3.57 MnT in corresponding months of previous year.
Country wise: China being the major flat steel exporter to South Korea accounted for 0.45 MnT in May’19; tumbled by 17% from 0.54 MnT in the previous month. Lesser working days in China owing to May Day holidays led to fall in imports to South Korea. Meanwhile robust demand in Japan (second major exporter) led to reduced exports; which in-turn resulted to decline in imports volume to South Korea
Ferro Alloys Imports-South Korean Ferro Alloys imports reduced by a considerable amount. Producers were sitting on surplus inventory and were restraining to buy further due to sluggish steel market conditions.
Ferro-chrome prices in South Korea were heard to have fallen in response to expectations of falling Chinese Ferro-chrome tender prices. On M-o-M basis imports fell by 40% to 0.06 MnT in May’19 as compared to 0.10 MnT in Apr’19.
In line, yearly basis imports down by 25% and stood at 0.06 MnT in May’19 against 0.08 MnT in May’18.
Commodity wise:-Similarly, traders were expecting Ferro Silicon and Silicon Manganese at a much prices. Imports of Ferro Chrome reduced by 33.34% and stood at 0.04 MnT in May’19 against 0.06 MnT in Apr’19.
Whereas Ferro silicon stood at 0.02 MnT in May’19 & Ferro silicon manganese – 0.01 MnT stable on monthly basis.
Country wise: India, South Africa, and China remained the top three exporters of Ferro Alloys to the South Korea.
India recorded at 0.02 in May’19 same as compared to Apr’19, whereas South Africa stood at 0.01 MnT in May’19 against 0.03 MnT in Apr’19 fall by 66.67% and China recorded at 0.01 MnT in May’19 down by 50% against 0.02 MnT in Apr’19.
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