According to data released by the Korea Iron and Steel Association, Korean steel and scrap exports fell by 4.8% year-on-year in July to a total of 2,726,800 tons; imports increased by 21.6% year-on-year to 2.15 million tons.

In July, South Korea’s steel and scrap exports to Japan were 370,000 tons, up 3.9% year-on-year; exports to China fell 6.7% year-on-year to 325,000 tons, due to investment in infrastructure construction and housing construction. The growth (down by 4.1% and 10.1% respectively), China's steel companies mainly focus on production at home.

In July, South Korea’s exports of steel and scrap to ASEAN and EU countries increased, with exports to ASEAN increasing by 3.8% to 593,300 tons and exports to the EU increasing by 4.2% to 413,900 tons. The geographical risks caused by the tension in Iran have cast a shadow over the Middle East export market. In July, South Korea’s steel and scrap exports to the Middle East market decreased by 37.2% year-on-year to 102,800 tons.

In July, South Korea’s imports of steel and scrap from China increased by 35% year-on-year to 780,300 tons.