South Korean HRC imports reduced by one-fifth during Oct '14: KOSA

SEOUL (Scrap Monster): According to latest data published by the Korean Iron and Steel Association (KOSA), the country’s imports of Hot Rolled Coils (HRC) plunged significantly during the month of October this year.

Korea imported 392,200 tons of HRC in October this year. The Oct ’14 imports were down 20% when compared with the imports by the country during the previous month. The South Korean HRC imports during Sep ’14 had totaled 492,000 tons.

The main exporter of HRC to Korea during September this year was Japan. The HRC imports from Japan totaled 203,200 tons, constituting over 50% of the total HRC imports by Korea during the month. The imports from Japan have dropped by nearly 17% when matched with the previous month. The second largest HRC exporter to Korea was China. China’s HRC exports to Korea dropped 24% from the previous month to 174,400 tons.

The average price of HRC imports from Japan was $566 per ton CFR, dropping by $6 per ton when compared with the average import price of $572 per ton CFR. The imports of Chinese HRC averaged at $545 per ton CFR, $14 per ton lower from the previous month.

The cumulative HRC imports by Korea during the initial ten-month period of the year totaled 4.13 million tons. The imports were 9% higher when compared with the imports during the corresponding ten-month period in 2013.