Hot-rolled (HR) steel exports decreased both monthly and annually in Jan’22, SteelDaily reports.
Export volumes stood at 330,492 t in Jan’22, down 24% against 432,055 t in Dec’21. Also, the same went down 6% against 352,685 t seen in Jan’21. Logistics barriers amid outbreak of Covid also lowered export volumes.
Country-wise exports
Korean mills exported 59,270 t of HR products to India, accounting for 17% of the total exports in Jan’22. Exports to Japan and Vietnam showed a significant decrease compared to the previous year, while, exports to Italy, Indonesia, Belgium and China, as well as Malaysia and Mexico reported an increase annually.
Imports increase 22% y-o-y
HR imports rose 22% on the year to 156,806 t in Jan’22 in comparion with 128,867 t in the corresponding period last year. However, on a monthly basis, the same dropped 8% against 170,383 t in Dec’21. Import volumes from Japan rose 9% on the year to 107,773 t which accounts for almost 69% of the total imports.
“Exports in Jan’22 have majorly declined due to concerns about future supply in the domestic market and imports have increased compared to the same period last year. While, in Feb’22 it is predicted that both exports and imports of hot rolled products shall remain slack due to facility problems at Japanese blast furnaces and impact of falling Chinese steel prices,” said an industry insider.
Note: This article has been published under an article exchange argeement between SteelDaily and SteelMint.
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