South Korea’s cold-rolled (CR) steel sheet exports fell by 15% y-o-y to 212,735 t in July 2022 compared with 250,986 t in July 2021, while exports remained largely flat against 213,142 t in June, as per data released by the Korean Steel Association.
During January-July 2022, exports dropped 8% y-o-y to 1.60 mnt compared with 1.74 mnt in the same period last year.
Imports decline in July
Imports of CR steel sheet also registered a sharp decline of 75% y-o-y to 8,949 t in July as against 35,909 t in the same period last year. On a monthly basis, imports fell by 32% compared with 13,218 t in June.
On a cumulative basis, import volumes fell by 23% y-o-y to 101,295 t in January-July as against 132,114 t seen in the corresponding period last year.
“Decline in export and import volumes was mainly due to the fall in Chinese steel prices and delay in economic recovery,” market participants said in a statement.
Furthermore, the anticipation of further decline in prices, slow recovery of demand and adverse weather conditions are expected to keep export and import volumes under pressure.
Note: This article has been written in accordance with an article exchange agreement between Steel Daily and SteelMint.
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