South Korea’s steel major – POSCO announced that it is cutting down its production target for CY20 to 34.1 MnT and that for sales to 32.4 MnT. Previous target set was 36.7 MnT for production and 35 MnT for product sales.
1.Company’s crude steel production dropped by 6% in Q1 CY ’20-POSCO’s crude steel production stood at 9,066 thousand tons in Q1 CY ’20 down by 6% in comparison to 9,602 thousand tons in Q4 CY ’19. The company’s production declined due to revamping of Gwangyang #3 blast furnace and maintenance of downstream mills including HR and plate lines.
2.Company’s product production down by 3% in Q1CY20- Product production stood at 8,242 thousand tonnes in Q1CY20 against 8,463 thousand tonnes in the previous quarter.
3.Company’s sales volume decreased by 4% in Q1CY20-Company’s sales volume reduced by 4% to 8,620 thousand tons in Q1 CY ’20 as against 9,009 thousand tons in the previous quarter. Sales volumes of HRC stood at 89 thousand tons and CRC at 157 thousand tons in the first quarter of CY20.
4.Company’s export sales reduced by 8% in Q1 CY ’20-Export sales stood at 3,891 thousand tons in Q1 CY’20 tumbled by 8% in comparison with 4,228 thousand tons in Q4 CY ’19.On yearly basis the same went down by 6% against Q1CY19.
5.Domestic sales moved down by 1% in Q1 CY’20-Company’s domestic sales inched down by 1% to 4,729 thousand tons in Q1 CY’20 as against 4,781 thousand tons in Q4 CY ’19.On yearly basis the same witnessed decline by 8% against Q1CY19.
6.Product inventory remained stable on a quarterly basis- –Company’s product inventory remained consistent at 1,107 thousand tonnes in Q1 CY ’20 in line with that in Q4 CY’19.
7.Carbon steel sales prices fell by 1% in Q1 CY’20-Company’s carbon steel prices inched down by 1% in Q1 CY’20 to 692 thousand KRW from 697 thousand KRW in Q4 CY ’19.
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