South Korea - Flat Steel Exports Decline by 3% in Q1CY18
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As per latest customs data, South Korea flat steel exports which includes 7208 (HR coils /Plates),7209 (CR coils),7225 (Electrical sheets),7210/7212 (GP/GC) inched down by 3% on quarterly basis to 5.56 MnT in Q1CY18 as compared to 5.72 MnT in similar quarter of previous year.
Although on monthly basis country's flat steel exports increases by 4% in Mar'18 to 1.86 MnT against previous month.In Feb'18 the same was recorded at 1.79 MnT.
However on yearly basis the same moved down marginally by 2% in Mar'18 against 1.9 MnT in Mar'17.
U.S. Govt implement heavy tariffs on imported steel and aluminium- President Donald Trump and his administration have imposed tariffs on steel by 25% and 10% tariff on aluminum.
However according to reports, South Korea has been exempted from tariff and has received a quota of 2.68 MnT of steel exports which will be exempted from new tariffs.Thus nation witness rise in export volumes in the month of March.
In other words, South Korea can export up to 2.68 MnT of steel to U.S. without any tariffs and anything beyond this limit will attract an import duty of 25% on steel.
Sub Commodity wise Flat Steel Exports in Q1CY18
| Sub Commodity | Q1CY18 | Q1CY17 | Change in % | Mar'18 | Feb'18 | M-o-M (Change in %) | Feb'17 | Y-o-Y ( Change in %) |
| HRC/Plate | 2.14 | 2.28 | -6 | 0.72 | 0.68 | 5.88 | 0.75 | 4.0 |
| Galvanized Steel | 1.79 | 1.73 | 3.4 | 0.60 | 0.58 | 3.44 | 0.58 | 3.4 |
| CRC | 0.94 | 1.04 | -9.6 | 0.33 | 0.31 | 6.45 | 0.33 | 0.0 |
| Electrical Steel | 0.61 | 0.59 | 3.3 | 0.19 | 0.20 | -5 | 0.21 | -9.5 |
| Others | 0.08 | 0.06 | 33.33 | 0.03 | 0.03 | 0 | 0.02 | 50 |
| Grand Total | 5.56 | 5.72 | -2.7% | 1.86 | 1.79 | 4% | 1.90 | -2% |
Fig in MT
Source-SteelMint Research
Country-Wise South Korea Flat Steel Exports in Q1CY18- China stood as the largest flat steel importer of South Korea and has imported 0.83 MnT of flat steel in Q1CY18.However on monthly basis the same witness the rise of 4% to 0.28 MnT in Mar'18 against previous month.
Second largest importer was Japan imported 0.73 MnT Q1CY18.However on monthly basis the same decreases by 8.3% and stood at 0.22 MnT in Mar'18 against 0.24 MnT in Feb'18.
Third largest importer of South Korea was India , procured 0.69 MnT in Q1CY18.Also on M-o-M basis the same surged by 19% to 0.25 MnT in Mar'18 against 0.21 MnT in Feb'18.
Other flat steel importers were Mexico at 0.41 Mnt,Thailand at 0.34 MnT followed by United states 0.29 Mnt ,Indonesia at 0.26 MnT and Vietnam at 0.28 MnT in Q1 CY18.
