South Korea Finish Long Steel Imports Hit All-Time Low in 2018

As per custom data maintained by SteelMint since 2013, South Korea's finish long steel (Rebar, Structure & Wire rod) imports hit all time low in calender year 2018.

The nation has imported about 2.13 MnT finish long steel, which is low since 2013. Prior to this it was in an and around of 3 to 3.5 MnT each year year.

China remained the largest exporter of Finish long steel to South Korea during 2018 (Jan-Dec), with a contribution of around 47.16% (1.0 MnT), followed by Japan 35.72% (0.74 MnT), Vietnam 10.43% (0.22 MnT) & Taiwan 4.16% (0.09 MnT).

Monthly analysis

As per data, South Korea has imported about 0.20 MnT of Finish long steel in Dec'18, marginally up by 5.3% M-o-M as against 0.19 MnT in Nov'18.

Further on yearly comparison, finish long steel imports moved up by 5% as compared with 0.19 MnT in Dec'17.

Exports:

In context to exports, the nation has exported about 2.52 MnT of finish long steels in 2018(Jan-Dec), grew by 5.5% as against 2.39 MnT during 2017.

Japan stood as the favorable export destination of South Korean finished long steel in 2018, with a contribution of around 10.35% (0.26 MnT), followed by Malaysia 9.59% (0.24 MnT), Vietnam 9.36% (0.24 MnT), Canada 8.65% (0.22 MnT).

In line monthly comparison, South Korea has exported about 0.2 MnT of Finish long steel in Dec'18, stable on monthly basis. However on Y-o-Y basis, country's export incline by 5% in Dec'18 as against 0.19 MnT in Dec'17.

Updates:

-- Currently, the rebar price in the South Korea's distribution market is hovering at USD 610/MT, which is on bottom line, as reported in SteelDaily reports.

-- As per the recent media reports, Steel companies from South Korea like Posco and Hyundai Steel has shown keen interest to invest in India Joint Ventures with state owned companies like SAIL or RINL.

-- As per market sources, Indian based stockists booked around 20,000 MT HRC from South Korea at around USD 525-530/MT CFR basis for Feb'19 shipments.