South Korea’s stainless steel flats imports decline over 40% in early Jul’26

• • Stainless HR flats imports down 36% y-o-y

• • Taiwanese shipments record steepest decline

South Korea’s stainless steel flat product imports remained weak during the first 12 days of July, with both hot-rolled (HR) and cold-rolled (CR) stainless steel shipments registering sharp y-o-y declines amid subdued domestic demand and cautious procurement.

According to provisional customs data, South Korea imported 11,656 t of stainless steel HR and CR flat products during 1-12 July 2026, down 40.6% y-o-y.

Hot-rolled imports decline 36%:

Stainless steel HR flat imports stood at 6,754 t, declining 35.5% y-o-y.

China remained the largest supplier, accounting for 2,557 t or 37.9% of total HR imports, followed by Indonesia with 2,363 t. Imports from Japan dropped 54.1% y-o-y to 1,549 t, while Taiwan recorded the steepest decline, falling 87.9% to 246 t. Shipments from Europe remained negligible at 39 t.

The average import price of HR stainless steel increased 22.2% y-o-y to $2,088/t. Chinese material averaged $1,608/t, while Indonesian and Japanese products were assessed at $2,217/t and $2,607/t, respectively.

Cold-rolled imports fall 46%:

Imports of stainless steel CR flat products totalled 4,902 t, down 46.4% y-o-y during the review period.

China continued to dominate supplies with 3,430 t, representing 70% of total CR imports, although volumes were 38.3% lower than a year earlier.

Imports from Malaysia declined 59.8% to 368 t, while Taiwan and India registered steep falls of 85.7% and 90.1%, reaching 259 t and 19 t, respectively.

The average import price of CR stainless steel increased 8.4% y-o-y to $2,003/t. Chinese CR prices rose 21% to $1,823/t, while Malaysian material averaged $2,339/t. Taiwanese CR prices edged down 2.6% to $1,986/t.

Market outlook:

Market participants attributed the weaker import volumes to subdued domestic demand, cautious inventory management, and relatively higher import prices, which discouraged aggressive overseas procurement. However, as the figures cover customs clearances only until 12 July, total monthly import volumes and country-wise shares may change as additional cargoes are cleared during the second half of the month.

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