South Korea: Stainless steel flat imports decline 2.2% in early June; HRC arrivals jump

• Cold-rolled imports decline while hot-rolled volumes surge
  
  
• Malaysia and Taiwan gain share in cold-rolled imports
  
  

SteelDaily: South Korea's stainless steel flat product imports totalled 25,374 t during 1-14 June 2026, down 2.2% from 25,953 t recorded in the corresponding period last year. The decline was primarily driven by lower cold-rolled imports, although hot-rolled arrivals increased significantly.

Hot-rolled stainless steel imports rose 62.6% y-o-y to 13,002 t during the period. However, the average import price declined 14% y-o-y to $1,872/t, indicating increased availability of lower-priced material. China remained the largest supplier with 4,669 t, followed by Japan at 4,085 t and Taiwan at 3,296 t. No Indonesian hot-rolled cargoes were cleared during the first half of June, compared with 3,390 t imported during the same period last year.

Cold-rolled imports fall, Malaysian shipments increase

Cold-rolled stainless steel imports declined 31.1% y-o-y to 12,372 t. Despite the lower volume, the average import price increased 14.9% to $2,124/t, reflecting firmer pricing across regional markets.

China remained the largest supplier with 4,885 t, followed by Taiwan at 4,110 t and Malaysia at 2,259 t. While Chinese volumes declined 25.1% y-o-y, imports from Taiwan and Malaysia increased substantially. Imports from Vietnam fell sharply to just 21 t from 7,341 t a year earlier, while Indonesian cold-rolled shipments were absent during the period.

Meanwhile, imports of 200-series cold-rolled stainless steel rose 23.4% y-o-y to 1,732 t, largely supported by Chinese-origin material. The average import price for 200-series products eased 3.2% to $1,714/t.

Price commentary

Market participants highlighted that despite lower offer prices for June-arrival cargoes, the sharp depreciation of the Korean won significantly increased effective import costs. Imported 304 CRC offers for June arrivals were largely concluded in the low $2,300/t range, with some Malaysian-origin material booked around $2,200/t. However, the rise in the won-dollar exchange rate from around KRW 1,460-1,470 during booking to KRW 1,510-1,520 at the time of payment added an estimated KRW 92,000-138,000/t to import costs.

For July shipments, offer prices have moved higher to $2,350-2,400/t CFR Korea, further increasing procurement costs amid weak domestic demand. Market sources also noted that Indonesian-origin 304 HRC offers in Asia have reportedly fallen below $2,000/t, reflecting softer regional demand conditions.

Outlook

Market participants expect Indonesian material to arrive later in June. Import trends suggest buyers are increasingly diversifying sourcing towards Taiwan and Malaysia amid changing regional trade flows and pricing dynamics.

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