South Korean iron ore imports up 26% in H1 2014

SEOUL (Scrap Monster): The latest statistics released by the country’s Trade Ministry indicates that South Korea’s iron ore imports soared higher during the first half of the year. The country’s imports totaled 36.81 million tons during the initial six months of the year. This is 26% higher when compared with the imports during the corresponding six-month period in 2013. The South Korean iron ore imports had totaled 29.21 million tons during January to June last year.

The largest exporter of iron ore to South Korea was Australia. The South Korean iron ore imports from Australia totaled 26.85 million tons, accounting for nearly three-fourth of the total imports by South Korea during the six-month period. The imports from Australia were 26.4% higher during Jan-June ’14 over the previous year.

The second largest iron ore supplier to South Korea was Brazil. The imports from Brazil totaled 7.55 million tons, surging by 18.5% over the previous year. The imports from Brazil accounted for over one-fifth of the total South Korean iron ore imports during the six-month period.

In third place was South Africa with 1.15 million tons. The imports from the country during Jan-June ’14 witnessed a fall of 17.1% over the previous year.

The trade data also shows that the iron ore imports averaged at $128.4 per ton CFR during the first half of the year, down 3.2% over the previous year.