South Korea: Stainless steel flat product imports decline sharply in May amid elevated prices

• Cold-rolled imports witness steeper correction
  
  
• Indonesian hot-rolled shipments rise 34% y-o-y
  
  

SteelDaily: South Korea's cumulative imports of stainless steel hot-rolled and cold-rolled wide strips declined sharply during 1-25 May 2026 amid elevated import prices and weakening booking activity. Total imports stood at around 29,735 t, down 39.7% y-o-y compared with 49,296 t during the corresponding period last year.

Cold-rolled segment sees sharper decline

Imports of stainless steel cold-rolled wide strips fell significantly by 52.8% y-o-y to around 16,374 t during the period, reflecting weaker purchasing activity amid high import costs and subdued downstream demand. Average import prices were assessed at around $1,817/t, marginally lower compared with last year.

Among major suppliers, Vietnam-origin imports nearly disappeared, declining sharply from around 10,986 t last year to only 21 t this year. Indonesian cold-rolled shipments also dropped steeply to around 122 t. Meanwhile, China remained the largest supplier with shipments at around 8,737 t, although volumes declined 23.7% y-o-y.

In contrast, Taiwanese cold-rolled imports increased 39.7% y-o-y to around 3,218 t, while average prices rose to nearly $2,192/t.

Within the cold-rolled category, 300-series imports stood at around 9,922 t with average prices assessed at nearly $2,009/t. Meanwhile, 200-series cold-rolled imports increased 43.4% y-o-y to around 3,643 t, supported largely by Chinese-origin material. Average import prices for 200-series remained stable at around $1,416/t.

Hot-rolled imports remain relatively stable

Stainless steel hot-rolled wide strip imports declined by a comparatively lower 8.5% y-o-y to around 13,361 t during the review period. However, average import prices increased 8.1% y-o-y to nearly $1,916/t, reflecting continued cost pressure in the global stainless steel market.

Indonesia emerged as the largest supplier of hot-rolled material, with shipments increasing 33.9% y-o-y to around 5,176 t. Average Indonesian import prices were assessed at approximately $2,066/t. In contrast, Chinese imports declined 29.9% y-o-y to around 3,579 t, while Japanese shipments dropped 39.9% to nearly 1,359 t. Taiwanese imports recorded a mild increase during the period.

Market participants noted that elevated offer prices, high exchange rate pressure, and weak downstream demand from construction and appliance sectors continued to limit aggressive import booking activity.

Outlook

South Korea's stainless steel import market is expected to remain cautious in the near term as elevated import costs, currency volatility, and sluggish downstream demand continue to pressure buying sentiment. However, Indonesian hot-rolled material is likely to maintain stable inflows amid competitive regional positioning and ongoing quota advantages.

Note: This article is published as part of a content exchange agreement between SteelDaily and BigMint.