SEOUL (Scrap Monster): According to latest trade statistics, the iron ore imports by South Korea declined marginally during the month of February this year.

 

The country imported 5.83 million tons of iron ore during the month, 1.1% lower when compared with the imports during the same month a year ago. The South Korean iron ore imports had totaled 5.89 million tons during February last year. The import prices averaged at $76 per ton, down 42.1% from the same month a year before.

 

The largest exporter of iron ore to South Korea during Feb ‘15 was Australia. The South Korean imports from Australia totaled 4.55 million tons, accounting for nearly 80% of the total imports by the country during the month.

 

The cumulative iron ore imports by South Korea during the initial two-month period of the year totaled 12.58 million tons, rising sharply by 10.3% when compared with the corresponding two-month period a year before. The country had imported 11.41 million tons of iron ore during January to February in 2014.

 

Meanwhile, iron ore prices fell to US $51.35 per dry metric ton on Tuesday, the lowest level since 2004-2005. The prices had collapsed almost 50% in 2014, with declines extending further in 2015. Analysts forecast further lower levels for iron ore prices in the near future.