Metal ores market in South Korea contracts for the fifth consecutive year, at 12%, affected by falling global prices of non-ferrous metals, and increased imports of scrap metals
Korea is the third-largest importer of ferrous scrap in the world, thus the rise in global iron ore price in 2016 does not have such a strong effect on the market value as in other countries
Turnover of Korean metal ore mining companies, however, recovers at 1.5% in 2016, amid recovery of iron ore prices globally
Industry profits grow 3.8% to settle at KRW26 billion in 2016, influenced by declined petrochemicals and petroleum prices, while electricity costs remain stable
Turnover growth of Korea’s metal ores mining industry expected to hasten to CAGR of 4.6% over 2016-2021, amid revived metal ore prices and growing FDI into the sector
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