In April this year, South Korea's imports of steel products declined by 19.7 percent year on year to 1,883,000 metric tons, while a decrease of 2.6 percent was observed compared to March, according to the data issued by the Korea Iron and Steel Association (KOSA).
In April, imports into South Korea of thick steel plates and hot rolled coils decreased by 21 percent and 20.4 percent year on year, respectively. Weak demand for thick steel plates amid a slump in the local shipbuilding industry appears to have contributed to the significant decline in the imports of these products in April.
Meanwhile, in the first four months of the current year, South Korea's steel product imports totaled 7,315,000 metric tons, down 14.4 percent year on year. In particular, imports of flat steel products in the first four months declined by 14.8 percent year on year to 4,263,000 metric tons.
Unlike last year when speculative demand increased due to a surge in import prices, oversupply of domestic steel products and the shrinkage of demand from end-users have resulted in reduced steel product imports so far in the current year.
In contrast, South Korea's exports of steel products were brisk in April, totaling 2,598,000 metric tons, up 20.9 percent year on year and indicating a rise of 4.2 percent month on month. South Korea's steel product exports in January-April this year increased by 14.9 percent year on year to 10.16 million metric tons.