According to the latest customs data, South Korea flat steel imports which includes 7208 (HR coils /Plates),7209 (CR coils),7225(Electrical sheets),7210/7212(GP/GC) decline by 9% in May’18 as compared to previous month.
Nation has imported 0.59 MnT in May’18 in comparison to 0.65 MnT in Apr’18.
On yearly basis country’s flat steel imports fell significantly by 34% in May’18 against 0.89 MnT in May’17.
During first five months of (Jan-May) of CY18 nation’s flat steel imports stood at 3.35 MnT plunged by 29% in comparison with 4.75 MnT in similar time frame of previous year.
Increase in crude steel output leads to fall in nation’s flat steel import volume- As per WSA (World steel Association) South Korea witness increase in crude steel output by 3% on yearly basis to 6.22 MnT in May’18 which was 6.04 MnT in May’17.
Also in first four months of CY18 ( Jan-May’18) nation’s crude steel output stood at 29.94 MnT up by 4% against 28.84 MnT in similar time frame of previous year.Thus resulting to decline in flat steel imports volumes.
Commodity-wise South Korea Flat Steel imports in May’18
| Sub Commodity | May’18 | Apr’18 | M-o-M (change in %) |
May’17 | Y-o-Y (Change in %) |
| HRC/Plate | 0.32 | 0.37 | -14 | 0.45 | -28.88 |
| Galvanised Steel | 0.12 | 0.14 | -14 | 0.18 | -33.33 |
| Electrical Steel | 0.12 | 0.10 | 20 | 0.19 | -36.84 |
| CRC | 0.03 | 0.04 | -25 | 0.05 | -40 |
| Others | 0.00 | 0.00 | 0 | 0.01 | -100 |
| Grand Total | 0.59 | 0.65 | -9% | 0.89 | -34% |
Quantity in MnT
Source-SteelMint Research
Country-Wise South Korea Flat Steel Imports in May’18 – China remained major flat steel exporter to South Korea and has procured 0.36 MnT of flat steel in the month of May’18 down by 3% against 0.35 MnT in Apr’18.
Other major countries include Japan which exported 0.22 MnT in May’18 lower by 12% which was 0.25 MnT in previous month.
Meanwhile Vietnam also exported 0.01 MnT of exports to South Korea in May’18
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