South Korea’s HRC and plate exports slipped by around 5% y-o-y to 3.6mn t in the Jan-May period as fewer cargoes were shipped to major buyers such as India, Japan and the US.
May exports were lower by 14.66% y-o-y at 640,000t, according to customs data.
Slower economic activity over the past few months as countries imposed lockdown to control Covid19 infections have resulted in a global slowdown in steel production and trade.
But exports of Korean HRC to China increased by around 28% in Jan-May to 520,000t as the economic revival has been swift after Covid19 infections peaked in March, with high domestic prices of HRC allowing more overseas suppliers to sell into China.
Exports to India were lower by 29.65% at 450,000t. South Korean HRC imports into India are not charged with the 12.5% basic customs duty due to a free trade agreement, though anti-dumping duties still apply on Korean imports. A sharp fall in output and sales of steel in India has resulted in fewer imports.
South Korea’s exports to Japan and the US fell by 30.13% and 20.49% in Jan-May to 440,000t and 220,000t respectively.
Exports to Malaysia and Turkey were higher by around 29% and 325.53% respectively at 170,000t and 150,000t respectively in the January-May period.
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