Korea's iron ore imports plunged 27% in February

SEOUL (Scrap Monster): The most recent trade statistics released by the Korean Customs Service indicate that iron ore imports by the country dropped sharply during the month of February this year. The imports during the initial two-month period from January to February this year too were down sharply when matched with the previous year.

The Korean iron ore imports during February this year totaled 4.428 million tonnes, dropping significantly by 26.7% when compared with the imports during the same month a year before. The imports had totaled 6.038 million tonnes during February 2016. The average price of import witnessed sharp rise of 55.2% to $76.8 per tonne when matched with the average import price of $49.5 per tonne during February last year. Also, the total value of imports increased significantly by 13.8% from $299.028 million to $340.298 million.

The largest exporter of iron ore to Korea during the month was Australia. The imports of Australian iron ore by the country totaled 2.848 million tons, accounting for nearly 64% of the total monthly imports. The imports from Australia to the country averaged at $67.8 per tonne. The value of imports totaled $193.151 million. The other key exporters of iron ore to Korea during the month were South Africa (610,064 tons), Brazil (565,551 tonnes) and Ukraine (256,398 tonnes).

The agglomerated iron ore imports during Feb ’17 totaled 496,374 tonnes, rising sharply by 260.8% over the previous year. Ukraine was the key exporter of agglomerated iron to Korea during the month with 256,398 tonnes. The other main exporter of agglomerated iron ore to the country was Brazil (239,976 tonnes).

The non-agglomerated iron ore imports by Korea totaled 3.932 million tonnes, dropping sharply by 33.4% from 5.901 million tonnes in February last year. Australia was the primary exporter of non-agglomerated iron ore during the month. The Korean imports of non-agglomerated iron ore from Australia totaled 2.848 million tons. The other key exporters were South Africa (610,064 tonnes), Brazil (325,575 tonnes) and Canada (148,261 tonnes). The average price of monthly imports surged higher considerably by nearly 48% during the month to $72.30 per tonne. The non-agglomerated imports were valued at $284.334 million.

The Korean iron ore imports during January to February this year totaled 10.557 million tons, declining by 11.8% when compared with the imports during the corresponding period a year before. The imports had totaled 11.971 million tons during Jan-Feb 2016. The average price of imports increased significantly by over 38% to $72.40 per tonne when matched with the average import price of $52.30 per tonne during the initial two-month period last year. Also, the total value of imports was up sharply by 22% year-on-year from $626.63 million to $763.87 million.

The largest exporter of iron ore to Korea during the two-month period was Australia. The Korean imports from the country totaled 7.024 million tons, accounting for nearly 67% of the total Korean imports. The imports from Australia averaged at $68.10 per tonne. The value of Australian imports totaled $478.129 million. The other key exporters of iron ore to Korea during Jan-Feb ‘17 were Brazil (1.785 million tonnes), South Africa (979,231 tonnes) and Canada (442,307 tonnes).

The agglomerated iron ore imports during Jan-Feb ’17 totaled 746,389 tonnes, rising sharply by 20% over the previous year. Brazil was the key exporter of agglomerated iron ore to Korea during this period. The imports from Brazil totaled 489,991 tonnes, followed by Ukraine with 256,398 tonnes.

The Korean non-agglomerated iron ore imports totaled 9.810 million tonnes during the initial two months of 2017, dropping sharply by 13.6% from 11.350 million tons during the same period a year before. Australia was the primary exporter of non-agglomerated iron ore during this period. The Korean imports of Australian non-agglomerated iron ore totaled 7.024 million tonnes. The other key exporters were Brazil (1.295 million tonnes), South Africa (979,231 tonnes) and Canada (442,307 tonnes). The average price of monthly imports was up considerably by 37% to $69.7 per tonne. The non-agglomerated imports were valued at $683.399 million.