South Korea: Flat Steel Export Decreases by 6% in Nov’18
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As per latest customs data,South Korea flat steel exports which includes 7208 (HR coils /Plates),7209 (CR coils),7225 (Electrical sheets),7210/7212 (GP/GC) decline by 6% to 1.61 MnT in Nov’18 which was 1.72 MnT in previous month.
However on yearly basis the same slide down by 2% and stood at 1.61 MnT in Nov’18 in comparison with 1.65 MnT in Nov'17.
During first eleven months (Jan-Nov’18),nation’s flat steel export stood at 19.83 MnT lower by 3% against 20.37 MnT in same time period of previous year.
As per market reports,nation has been exempted from USA tariffs but the deal is not entirely favorable towards South Korea: It sets an annual import quota of 2.68 million tons, equivalent to 70% of the average of steel exports to the US over the last three years.
Thus South Korea will be forced to cut its steel exports by 30% in past three years in lieu of getting exemption from USA steel tariffs.Thus South Korea is not allowed to export steel products exceeding that quota to the U.S. market.
Commodity Wise South Korea Flat Steel Exports in Nov’18
| Sub Commodity | Nov’ 18 | Oct’ 18 | M-o-M (Change in %) | Nov' 17 | Y-o-Y ( Change in %) |
| HRC/Plate | 0.61 | 0.62 | -1.61 | 0.62 | -1.6 |
| Galvanised Steel | 0.51 | 0.55 | -7.27 | 0.57 | -10.5 |
| CRC | 0.28 | 0.35 | -20 | 0.25 | 12.0 |
| Electrical Steel | 0.19 | 0.17 | 11.76 | 0.18 | 5.6 |
| Others | 0.02 | 0.03 | -33.33 | 0.03 | -33.3 |
| Grand Total | 1.61 | 1.72 | -6 | 1.65 | -2 |
Quantity in MnT
Source- SteelMint Research
Country-wise South Korea flat steel exports in Nov’18- China stood as the largest flat steel importer and has imported 0.29 MnT of flat steel in Nov’18 reduced by 12% as compare to 0.33 MnT in previous month.
Second largest importer was Japan which stood at 0.21 MnT in Nov'18 fell by 9% M-o-M basis as compared to 0.23 MnT in Oct’18.
Meanwhile, imports to India stood at 0.21 MnT in Nov'18 rises by 5% as compare to 0.2 MnT in Oct'18.Thus cost effective imports from Korea compared to domestic prices lead to surge in Korean export volumes to India.
Other major importing nations include,Mexico at 0.13 MnT,Thailand at 0.11 MnT followed by USA at 0.11 MnT and Vietnam at 0.06 MnT in Nov’18.
South Korea flat steel Imports in Nov'18 - Nation’s flat steel imports stood at 0.70 MnT in Nov’18 increases by 6% against 0.66 MnT in previous month.
However on yearly basis nation’s flat steel imports fell by 7% in Nov'18 as compared to 0.75 MnT in Nov’17.
Major exporting nations were China and Japan at 0.33 MnT and 0.32 MnT in Nov’18.
However Taiwan and Vietnam also exported to South Korea in small volumes in Nov’18.
