South Korea’s hot-rolled wide steel strip exports surged 20% m-o-m to 333,884 tonnes (t) in May 2022, compared to 278,494 t in the previous month. On an annualized basis, the same rose 2% against 325,762 t in May 2021.
However, export volumes dropped by 4% to 1.50 million tonnes (mnt) during January-May 2022, against 1.57 mnt seen in the same period a year ago.
Imports down 4% m-o-m
HR steel strip imports fell 4% m-o-m to 252,689 t in May 2022, from 263,227 t in April 2022. However, import volumes jumped 57% y-o-y against 158,894 t in May 2021. The rise in import volumes is majorly due to decline in import offers from China.
During January-May 2022, imports increased by 26% to 1.22 mnt, compared to 0.96 mnt in the same period last year.
Country-wise exports, imports in January-May
In January-May 2022, HR steel strip exports to India edged up by 2.4% to 247,542 t, while export volumes to Japan and the US fell by 4.5% and 12.3% to 240,191 t and 172,078 t respectively.
Imports from Japan registered a rise of 33.6% to 670,488 t and Taiwan by 283.9% to 91,569 t. On the other hand, imports from China remained flat at 434,416 t.
Outlook
Industry insiders feel exports will continue to decline even after June owing to off-season and declining import offers.
Note: This article has been published in accordance with an article exchange agreement between Steel Daily and SteelMint.
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