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) slumped by 30% in first half of CY18 against corresponding time frame of previous year.
Nation has imported 3.98 MnT in H1CY’18 in comparison to 5.68 MnT in H1CY’17.
On monthly basis country’s flat steel imports move up by 7% to 0.63 MnT in Jun’18 which was 0.59 MnT in May’18.
Similarly on yearly basis nation’s flat steel imports shrink by 32% in Jun’18 against 0.93 MnT in June’17.
In first half of CY18 Chinese steel mills were majorly focusing in domestic market over improved demand.Also production cuts to curb excess capacity resulted to reduced supply and decline in exports to major importing nations.Meanwhile Japanese mills were also having limited allocations for exports over optimistic demand in domestic market.
Commodity-wise South Korea Flat Steel imports in H1CY18
| Sub Commodity | H1 CY18 |
H1 CY17 |
Change in % |
Jun’18 | May’18 | M-o-M |
| HRC/Plate | 2.20 | 3.12 | -29 | 0.36 | 0.32 | 12.5 |
| Galvanized Steel | 0.81 | 1.11 | -27 | 0.14 | 0.12 | 16.6 |
| Electrical Steel | 0.70 | 1.08 | -35 | 0.10 | 0.12 | -16.6 |
| CRC | 0.23 | 0.29 | -21 | 0.03 | 0.03 | 0 |
| Others | 0.03 | 0.05 | 0 | 0.00 | 0 | 0 |
| Grand Total | 3.98 | 5.68 | -30% | 0.63 | 0.59 | 7% |
Quantity in MnT
Source-SteelMint Research
Country-Wise South Korea Flat Steel Imports in H1CY18 – China remained major flat steel exporter to South Korea and has procured 2.17 MnT of flat steel in H1CY18 plunged by 41% against 3.68 MnT in H1CY17.
Other major countries include Japan which exported 1.56 MnT in first half of CY18 lower by 8.2% in comparison with 1.7 MnT in same time frame of previous year.
Meanwhile,Taiwan also exported 0.16 MnT of exports to South Korea remain stable in H1CY18 against same time frame of previous year.
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