South Korea's CRC imports up 11 percent in July

According to the latest figures released by the Korea Iron and Steel Association (KOSA), the country's CRC cold rolled carbon steel imports increased significantly during the month of July 2014. Korea imported 55,900 tons of CRC in July, up 10 percent from imports in the same month a year earlier. Meanwhile, CRC exports from Korea in July 2014 increased by a whopping 22 percent compared to July 2013 to 318,300 tons.

In addition, imports in July were up 11 percent from the previous month. China was the main CRC exporter to Korea in July this year. CRC imports from China totaled 48,400 tons, accounting for nearly 87 percent of Korea's total CRC imports during the month. Imports from China were up nearly 16 percent over the previous year. Korea's average CRC import prices were down 7 percent from the prior year to $ 642 per tonne CFR in the first seven months in 2014.


Cumulative imports of CRC to Korea in the first seven months of 2014 amounted to 404,200 tons. Imports were 18 percent higher than imports in the corresponding seven-month period in 2013. The largest source of imports for seven months was China. Low CRC export prices have boosted shipments from the country. Chinese CRC exports to Korea totaled 355,000 tons, accounting for nearly 88 percent of total Korean imports in January-July this year. Imports from China climbed 24 percent year on year during this period.