South Korea’s electro-galvanised (EGI) steel sheet export volumes dropped by 37% y-o-y to 42,552 tonnes (t) in September 2022, as compared with 67,777 t in the same period last year. In similar lines, exports dropped by 30% m-o-m from 60,960 t in August 2022, as per data from Korea Steel Association.
On a cumulative comparison, exports fell by 11% y-o-y to 492,602 t during January-September 2022 from 553,974 t in the corresponding period last year (CPLY).
Likewise, EGI steel sheet imports too fell by 43% on the year to 6,422 t in September 2022, against 11,336 t seen in the year-ago period. The same dropped by 44% m-o-m as compared with 11,372 t in August 2022.
During January-September, imports of EGI steel sheets registered a decline of 16% y-o-y to 92,980 t as compared with 110,379 t in the same period last year.
The decline in both export and import volume was majorly due to delayed recovery of demand from key industries like appliances. In addition, floods caused by the typhoon Hinnamnor have impacted the production of EGI steel sheets at POSCO’s facilities at Pohang works. Furthermore, imports are likely to decline in the near term.
Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.
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