(MENAFN) South Korea has witnessed a 1.4 percent decline on-year in its steel imports to 1.98 million tons in last October, recording a two continuous months' slump, based on reports.
Additionally, according to the data provided by the Korea Iron and Steel Association, the decrease was mainly attributed to an obvious drop in demand for Japanese products.
South Korea has had Japan as its main source of steel imports for many years, but this has changed now as China has taken the lead as imports from it rose 6.3 percent to 1.2 million tons.
Meanwhile, imports from Japan fell 3.3 percent to about 640,000 tons, reflecting 32.1 percent of the total, let alone that South Korea's imports dropped 9.9 percent on-year in Sep.
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