South Korea imported 126,785 metric tons of rebar in the first quarter of this year, down 4.5 percent from 132,746 metric tons in the same period last year, according to data from the Korea Iron and Steel Association (KOSA).
In the January-March period, inbound shipments of Chinese rebars increased by three percent year on year to 69,123 metric tons, while the inflow of rebars from Japan decreased 11 percent to 57,458 metric tons when the same periods are compared.
In March alone, South Korea's rebar imports totaled 41,215 metric tons, down 4.3 percent month on month and decreasing by 23.1 percent year on year. Analysts said that a narrowed price gap between domestic rebars and foreign products brought about this fall in March imports of rebars.
Meanwhile, South Korea's first quarter exports of rebars plunged 29.9 percent to 105,759 metric tons, compared with 150,718 metric tons in the first quarter last year. Singapore purchased 45,554 metric tons of Korean produced rebars, becoming the largest destination for outbound shipments in the first quarter of the year, followed by Canada and Myanmar which bought 14,035 metric tons and 12,351 metric tons, respectively.
South Korea's March exports of rebar totaled 25,852 metric tons, down 6.9 percent month on month and 36 percent year on year.