Steel imports to South Korea fell in February

According to the monthly steel supply statistics released by the Korea Iron and Steel Association (KOSA), the country's steel imports declined in February this year. The decrease in imports was due to a decrease in steel supplies from China. South Korean steel imports in February 2015 were 1.6 million tonnes, down 7 percent from 1.72 million tonnes of steel imports in the same month in 2014, according to KOSA data.

During the month, imports of heavy plate products dropped by 23 percent compared to February last year. Hot rolled coil imports fell 18 percent year on year. The average import price of hot rolled carbon steel coils declined nearly 13 percent year on year, from $ 607 per tonne during February 2014 to $ 529 per tonne in February this year.

China continues to be the largest steel exporter to South Korea during February 2015. However, imports fell sharply over the year. Imports from China totaled 905,000 tons, accounting for nearly 56 percent of Korea's total steel product imports during the month. However, imports from China fell 12 percent compared to February last year, when they totaled 1.03 million tonnes. In second place was Japan with a total import volume of 569 thousand tons. Imports from Japan rose 5 percent during the month.