South Korea's iron ore imports increased

With this increase, the average import price also surged by 16%, leading to a notable rise in import costs.

Australia emerged as the prominent source of iron ore imports for South Korea, contributing significantly with approximately 4.26 million tons, constituting 68% of the country's total iron ore imports. South Korea imported approximately 1.41 million tons from Brazil and about 340,000 tons from Canada, following Australia.

Furthermore, the upward trend in South Korea's iron ore imports continues. Forecasts suggest that by 2026, the value of iron ore imports will reach $5.4 billion.

These data indicate that South Korea's dependence on fundamental resources like iron ore persists to sustain its industrial sector and meet the demands of its economy. The country's strategic trade relationships, particularly with Australia, form a key element of its raw material procurement strategy.