South Korea: Wire rod exports, imports rise in Jan-Nov'21

In Jan-Nov'21, South Korea's export volumes of wire rods jumped 19% to 31,016 tonnes (t) compared to 26,000 t seen in the same period last year. The increase in volume was mainly due the impact of Covid-19 last year which lowered the base. However, export volumes decreased in comparison to the same period of CY'19, according to a SteelDaily report.

In Nov'21, export volumes totalled 2,968 t, an increase of 18% m-o-m and 16% y-o-y.

Import volumes up y-o-y
Import volumes stood at 26,180 t in Jan-Nov'21, an increase of 14% compared to 22,952 t a year ago.

In November, import volumes were at 1,556 t, showing a decline of 46% m-o-m and 28% y-o-y.

Outlook
Both imports and exports of wire rods surged during Jan-Nov'21, mainly because of the base effect, while these remained low when compared to pre-Covid levels. Therefore, it is difficult to say that imports and exports of wire rods are likely to increase in the near term.