According to latest data published by the Korean Iron and Steel Association (KOSA), the country’s Cold Rolled Coil (CRC) imports increased considerably during the month of July this year. Korea imported 55,900 tons of Cold Rolled Coil (CRC) in July, 10% higher when compared with the imports during the same month a year before. Also, the imports rose 11% from the previous month.

The main exporter of Cold Rolled Coil (CRC) to Korea during July this year was China. The CRC imports from China totaled 48,400 tons, constituting nearly 87% of the total CRC imports by Korea during the month. The imports from China rose nearly 16% over the previous year.

The cumulative Cold Rolled Coil (CRC) imports by Korea during the initial seven-month period of the year totaled 404,200 tons. The imports were 18% higher when compared with the imports during the corresponding seven-month period in 2013. The largest import source during the seven-month period was China. The lower CRC export prices boosted the shipments out of the country. The Chinese CRC exports to Korea totaled 355,000 tons, accounting for nearly 88% of the total Korean imports during January to July this year. The imports from China during this period climbed higher by 24% year-on-year.

The average Cold Rolled Coil (CRC) import prices by Korea were down 7% over the previous year to $642 per ton CFR during the initial seven-month period in 2014.

Meanwhile, Korea’s Cold Rolled Coil (CRC) exports too rose significantly during July ’14. The July ’14 CRC exports totaled 318,300 tons, 22% higher upon comparison with July 2013.