South Korea Finish Long Steel Import Rises by 35% in Jan'19

As per fresh released custom data, South Korea has imported about 0.27 MnT of finish long steel in Jan'19, up by 35% as against 0.20 MnT in Dec'18.

Further on yearly comparison, in Jan'19 finish long steel imports surge by 29% as compared with 0.21 MnT in Jan'18.

On a cumulative basis, the country's total finish long steel imports during Jan-Dec'18 stood at 2.12 MnT, down by 31% which was about 3.06 MnT in Jan-Dec'17.

China remained the largest exporter of Finish long steel to South Korea during Jan'19, with a contribution of around 53.69% (0.14 MnT), followed by Japan 25.71% (0.77 MnT), Vietnam 8.43% (0.02 MnT).

Exports:

South Korea has exported about 0.19 MnT of Finish long steel in Jan'19, marginally down by 5% on monthly basis. However on Y-o-Y basis, country's export is almost stable.

During the Jan-Dec'18, country's total finish long steel exports stood at 2.52 MnT, increased by 6% than the 2.37 MnT in Jan-Dec'18.

Vietnam remained the largest exporter of finished long steel to South Korea during Jan'19, with a contribution of around 13.81% (0.03 MnT), followed by Malaysia 10.92% (0.02 MnT), Japan 10.2% (0.02 MnT), Canada 9.99% (0.02 MnT).

Updates:

-- Currently, the rebar price by the steel makers in South Korea is hovering at USD 620/MT for Feb, as per SteelDaily reports.

-- South Korean leading steelmakers aggressively booked bulk scrap vessels in mid Jan'19. Prices had declined sharply to the levels (equivalent US HMS 1) USD 300-310/MT, CFR against USD 313-315/MT in Dec'18. Meanwhile following recovery in Turkey scrap prices, latest US bulk scrap offers assessed at USD 325-330/MT, CFR.

-- As per the vessel line up data maintained with SteelMint, Indian bulk HRC imports sharp surge in first two months of CY19, particularly from South Korea and reported increase of eight fold in Jan'19. As per port wise bulk data, imports at Mumbai port (Western India) stood at 1,21,191 MT in Feb'19 which was 1,03,740 MT in Jan'19.