South Korea: Heavy plate imports exports show mixed trends in May'24

South Korea's heavy plate exports and imports showed mixed trends in May 2024, as per Korea Iron and Steel Association (KISA). Compared to May 2023, exports fell by 14.5% y-o-y to 112,411 tonnes (t), while imports surged by 16.2% y-o-y to 203,544 t. This indicates a significant shift in trade patterns for this key steel product.

There was an increase in both exports and imports in May 2024, compared to April 2024. Exports rose by 22.3% m-o-m, while imports grew by 16.2% m-o-m. This surge in exports is likely due to the resolution of shipping problems from last April 2024, which allowed for the shipment of backlogged goods.

Surge in imports from China

On the other hand, imports rose to 203,544 t in May 2024, exceeding 200,000 t for the second month in a row. Notably, imports from China surged by 49.8% m-o-m to 152,982 t against April 2024, the highest level in 94 months since August 2016.

Conversely, imports from Japan decreased by 35.2% m-o-m to 46,757 t as compared to the last month. Prices of both Chinese and Japanese heavy plates increased by $12/t and $4/t m-o-m to the average unit prices reaching $673/t and $762/t, respectively. This rise in prices could be linked to an increase in imports of carbon steel plates and other heavy materials from China.

Cumulative performance

The cumulative import and export performance for January to May also showed a shift. While year-to-date exports decreased by 5.1% y-o-y to 605,938 t, imports increased by 2.5% y-o-y to 913,729 t compared to the same period in 2023. This indicates a transition from a negative to a positive income performance in the heavy plate trade.

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