South Korea: Increased imports of hot-rolled coil expected in September 2023

South Korea imported Hot-rolled coil (HRC) amounting to 99,000 tonnes (t) in 1-8 September 2023, a 20.5% increase from the same period of the previous month as per customs clearance data. In August, over 320,000 tons of hot coils were imported into Korea.

In September, there is a high chance that South Korea will be importing more than 300,000 tons of hot coils from China and Japan.

As of 8 September 2023, the imports from china were 42,000 t up by 31% m-o-m, followed by Japan increased by 15% m-o-m to 54,000 t from Japan and 3,000 t from Taiwan up by 15% m-o-m compared to same period previous month.

The increase in imports is due to a number of factors, including the end of summer vacation and typhoon season in China and Japan, which has allowed for increased production and shipping. Additionally, the average unit price of imported hot coil has remained stable in the high $500s per ton since June, making it an attractive option for buyers.

Note: This article has been written in accordance with an article exchange agreement between Steel Daily and SteelMint.