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Iron Ore September 28, 2017 11:30:39 AM

South Korea Records Marginal Decline in Iron Ore Imports

Paul Ploumis
ScrapMonster Author
South Korea’s iron ore imports in August 2017 totaled 6.365 million tonnes.

South Korea Records Marginal Decline in Iron Ore Imports

SEATTLE (Scrap Monster): The most recent import trade statistics released by the Korean Customs Service suggests slight drop in iron ore imports by South Korea during the month of August this year. However, the cumulative imports during the initial eight-month period of the year registered marginal jump when compared with the corresponding period in 2016.

South Korea’s iron ore imports in August 2017 totaled 6.365 million tonnes. The imports edged lower marginally by 0.5% over the previous year. The iron ore imports by the country had totaled 6.400 million tonnes in August last year. The top three ore exporters to South Korea during the month were Australia, Brazil and South Africa. The shipments from Australia totaled 4.385 million tonnes, accounting for nearly 70% of the total imports by South Korea during the month. The imports from Brazil and South Africa totaled 913,722 tonnes and 445,314 tonnes respectively.

The imports of non-agglomerated ore by the country totaled 5.861 million tonnes, down by 4.7% over the previous year. The top exporter of non-agglomerated ore to South Korea during the month was Australia. The imports from that country totaled 4.385 million tonnes, followed by Brazil with 714,711 tonnes. The total value of non-agglomerated ore imports amounted to $396.7 million. The import prices averaged at $67.7 per tonne.

Agglomerated ore imports by South Korea made exceptional jump in volumes. The imports more than doubled from 247,374 tonnes in August last year to 503,463 tonnes in August 2017. The net value of imports surged higher by nearly 20% to $458.5 million. The agglomerated ore imports were valued at $383 million in August 2016. Chile was the key supplier of agglomerated ore to South Korea. The imports from Chile totaled 202,573 tonnes during the month. The other main exporters were Brazil (199,011 tonnes) and India (101,879 tonnes).

As per Customs data, South Korea’s combined iron ore imports during the first eight months of the year totaled 47.14 million tonnes, marginally higher by 1.3% when matched with the imports of 46.548 million tonnes recorded during the corresponding period in 2016. The largest exporter of iron ore to the country during the eight-month period was Australia. The imports from Australia totaled 33.497 million tonnes, followed by Brazil (6.386 million tonnes) and South Africa (3.375 million tonnes).

The non-agglomerated ore imports during the eight-month period totaled 44.654 million tonnes. The imports were up marginally by 0.7% from 44.330 million tonnes last year. The value of imports amounted to $3.308 billion at an average of USD 74.1 per tonne. The imports from Australia totaled 33.497 million tonnes, followed by Brazil with 5.239 million tonnes.

The agglomerated ore imports during Jan-Aug ’17 totaled 2.487 million tonnes. This is notably higher by 12.1% when matched with the imports of 2.218 million tonnes during the corresponding period last year. Brazil was the key exporter during this period. The imports from the country totaled 1.147 million tonnes. In second place was Chile with total supplies of 523,708 tonnes.

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