South Korea’s cold rolled (CR) steel sheets export volumes fell sharply in September. Exports of CR steel sheets and wide strips stood at 2,24,387 tonnes (t) in September, down 11% as compared to the previous month. Similarly, export volumes fell by 2.9% y-o-y against the same period year ago, as per the Korea Steel Association.
Imports of the material rose by 18.7% m-o-m to 8,707 t in September. Meanwhile, the same plunged by 64.3% y-o-y against the same period last year.
During the first nine months (January-September 2022), export volumes were recorded at 2,084,936 t, down 6% from the corresponding period last year (CPLY). Similarly, import volumes also fell by 35% y-o-y to 117,338 t during January-September period.
The fall in exports and imports was majorly due to delayed recovery in demand from domestic as well as overseas markets.
“Moreover, due to weak domestic demand, steel manufacturers are likely to focus on expanding the export volumes, while it is expected that import volumes will continue to fall as a result of delayed demand recovery from industries,” said an industry official.
Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.
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