division | Main contents | Basis and Source |
|---|---|---|
| global raw materials market | Demand for minerals and metals remains robust despite China's economic slowdown. | Bloomberg Commodities 2025.8 |
| Key Influencing Factors | Growth in the EV and battery industries → Soaring demand for nickel and lithium ore. | Reuters Metals 2025.7 |
| Korean industrial structure | High dependence on mineral imports, particularly steel, non-ferrous metals, and battery materials (self-sufficiency rate: 0.2%) | Ministry of Trade, Industry and Energy Resource Supply and Demand Report 2025 |
| Geopolitical risks | Resource supply instability in Russia and Africa, leading to rising logistics costs | IEA Mineral Outlook 2025 |
Korea has an import structure based on the steel, non-ferrous metal, and secondary battery industries , and in particular, with 99% of its ore imports dependent on foreign countries, supply chain risk management is a key challenge.
item | Details | Data source |
|---|---|---|
| HS code | 26 (Ores, Slag and Ash) | UN Comtrade |
| Main detailed items | 2601 (iron ore), 2603 (copper ore), 2604 (nickel ore), 2610 (chromium), 2615 (rare earth elements) | Customs Service Trade Statistics |
| Import volume in 2024 | Approximately USD 22.7 billion (3.3% of total imports) | KCS, OEC 2025 |
| Average annual growth rate ('20–'24) | +4.8% | Industrial Statistics Yearbook |
| Major demand sources | POSCO, Hyundai Steel, LS-Nikko Copper, Ecopro BM, etc. |
HS26 items are raw materials for the basic materials industry and are directly used in steel, non-ferrous metals, batteries, and refining processes.
ranking | importing country | specific gravity(%) | Main items | Features and Risks |
|---|---|---|---|---|
| 1 | australia | 39 | ironstone | Stable long-term contracts, centered on maritime transport |
| 2 | brazil | 22 | ironstone | Long transportation distances and weather risks |
| 3 | Chile | 11 | copper ore | Battery and non-ferrous materials are key |
| 4 | Indonesia | 10 | nickel ore | Key raw materials for EV batteries |
| 5 | South Africa | 6 | chromium manganese ore | Political and labor risks |
More than 88% of imports originate from the top five countries. In particular, Indonesia and Chile are highly concentrated in strategic metals such as nickel and copper .
division | 2023 Q3 | 2024 Q3 | Increase/decrease (%) | note |
|---|---|---|---|---|
| iron ore (thousand tons) | 63,200 | 65,100 | +3.0 | For use in POSCO steel mill |
| copper ore | 4,870 | 5,300 | +8.8 | LS Nikko and Korea Zinc at the center |
| nickel ore | 2,260 | 2,570 | +13.7 | For secondary battery raw materials |
| slag and ash | 1,850 | 1,920 | +3.8 | Cement and recycled materials |
| total | — | — | +6.7 | Steady growth |
Nickel ore imports are rapidly increasing due to the expansion of the battery industry , and copper ore imports are also increasing in tandem with the expansion of refineries.
Item | 2024 Q1 | 2024 Q2 | 2024 Q3 | change(%) |
|---|---|---|---|---|
| iron ore (USD/ton) | 112 | 117 | 121 | +3.4 |
| copper ore | 8,470 | 8,860 | 9,150 | +3.3 |
| nickel ore | 17,200 | 18,400 | 19,050 | +3.5 |
| chrome ore | 7,450 | 7,600 | 7,800 | +2.6 |
Prices for metals overall are rising by 3-4% , with demand for metals related to EVs and renewable energy supporting prices.
branch | characteristic | Import Volatility Index (0–1) |
|---|---|---|
| Q1 | Inventory accumulator | 0.44 |
| Q2 | Expanding steel production | 0.61 |
| Q3 | Typhoon, port variables, and transportation delays | 0.72 |
| Q4 | Regular maintenance machine | 0.55 |
Import concentration in the Q2-Q3 period, especially with regard to rising transportation costs and port risk management, is crucial.
item | detail |
|---|---|
| Tariff rate | Basic 0~3%, most mineral resources are duty-free |
| Non-tariff | Country of Origin Certification, ESG Mineral Regulations (Critical Minerals Act), and Strengthened Import Inspection |
| Domestic alternative industries | Recycling of smelting byproducts and recycling of slag |
| Future tasks | Expanding overseas mine holdings and operating public resource funds to secure mineral resources. |
As competition for securing resources intensifies, Korea is expanding its public-private joint venture overseas mining investment model .
item | evaluation | analysis |
|---|---|---|
| Environmental impact | award | Mining and transportation stages generate significant carbon emissions. |
| ESG Risk | Medium to high | Human rights and environmental issues in Indonesia and Africa |
| Net Zero Contribution | middle | Positive effects of expanding recycling |
It is one of the product groups with the highest supply chain ESG risks, and eco-friendly mining, refining, and recycling technologies are key countermeasures.
importing country | Political/Policy Risk (0–1) | Logistics Risk (0–1) | Comprehensive Trust Index |
|---|---|---|---|
| australia | 0.21 | 0.29 | 0.83 |
| brazil | 0.34 | 0.36 | 0.70 |
| Chile | 0.28 | 0.31 | 0.76 |
| Indonesia | 0.42 | 0.38 | 0.63 |
| South Africa | 0.55 | 0.48 | 0.55 |
Average Trust Index = 0.69 (Moderate)
Supply chain restructuring is underway, centering on stable countries (Australia and Chile), but dependence on Indonesia and Africa is a risk factor.
industry | Major companies | Imported items | note |
|---|---|---|---|
| steel | POSCO, Hyundai Steel | iron ore, slag | Stable long-term contract |
| non-ferrous metals | LS Nikko Copper, Korea Zinc | copper and zinc ore | For refining and alloy production |
| Battery materials | EcoPro·POSCO Future M | nickel and lithium ore | Key to EV cathode materials |
| Cement and Materials | Ssangyong C&E and Hanil Cement | slag | Utilization of circular resources |
The uses are clearly divided by industry, with steel (60%), non-ferrous metals (25%), and batteries (10%) accounting for the majority.
characteristic | Currently (2025 Q3) | Compared to the previous quarter (Δ%) | analysis |
|---|---|---|---|
| ΔImport | +3.6% | ▲1.1 | Increase in nickel and copper |
| ΔPrice | +3.2% | ▲0.9 | International raw material prices are on the rise |
| ΔCountryShare | +0.4% | ▲0.2 | Increased presence in Australia and Chile |
| Trust Index | 0.69 | = | Maintain normal level |
| Forecast (3M) | +4.1% | ▲ | Demand for EV metals continues to rise |
Summary: Ore imports are steadily rising. Iron ore is flat, while non-ferrous metals and battery raw material ores are the mainstays. Imports are expected to increase by approximately 4% over the next three months .
division | Suggestion | Expected effect |
|---|---|---|
| 1 | Expanding overseas mine equity investments (focused on Australia and Chile) | Resource acquisition stability ↑ |
| 2 | Introduction of an ESG mineral certification system | Supply chain risk ↓ |
| 3 | Commercialization of domestic recycling smelting technology | Carbon and raw material reduction |
| 4 | Building an AI-based raw materials procurement prediction system | Increased responsiveness to price fluctuations |
| 5 | Expansion of the strategic reserve of rare metals | Strengthening industrial security |
HS26 (ore, slag, and ash) Imports Trade Index – 2025 Q3
ΔImport +3.6% , ΔPrice +3.2% , Trust 0.69 , Forecast (3M) +4.1%
→ Outlook: Moderate increase (Positive-Neutral).
Imports are expected to continue to increase gradually due to the expansion of the EV and non-ferrous metal industries, and
supply chain diversification and ESG mining certification management are key future strategies.
