We’ve talked about how the Korean economy is going strong. A few more interesting data points emerged this week.
Korean imports of molybdenum have taken a huge jump this year. May imports alone were up 102%, to 821 mt. So far in 2013, Korea has brought in 50.3% more moly than during the same period last year.
The increase is reportedly due to Korean moly oxide producer SeAH M&S doubling its output of the processed metal.
This is an unusually bullish signal. And the data from the Korean steel sector backs it up. As the chart below from Hyundai Securities shows, Korean factory prices for steel plate are holding at elevated levels (even as import prices have fallen).
Could this point to a rare area of strength in today’s metals markets? Let’s see if Korean imports stay strong.
Here’s to the sweet spots,
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