South Korea’s hot-rolled steel strip production dropped by 18% m-o-m to 24,24,817 tonnes (t) in September 2022 in comparison to 29,66,285 t in August. On a yearly basis, the output went down by 20% compared to 30,27,698 t in September 2021.
Sales also dropped 18% m-o-m to 9,86,652 t in September compared to 12,00,263 t in the previous month. On a y-o-y basis, sales decreased by 26% against 13,30,134 t in the same month in 2021.
Exports in the month stood at 4,58,231 t, down 6% against 4,89,878 t a month ago. On a yearly basis, exports dropped by 3% against 4,71,148 t in September 2021.
Ouput, sales rise y-o-y in Jan-Sep’22
In January-September 2022, production volumes stood at 25.96 million tonnes (mnt), up by 8% against 24.12 mnt in the corresponding period last year.
Sales aggregated to 10.56 mnt in the nine months of CY2022, up marginally by 2% as against 10.4 mnt in the year-ago period. Out of the total sales, domestic sales accounted for 6.63 mnt (up 1%), while exports stood at 3.93 mnt (up 1%) compared to the same period last year.
Outlook
The volumes of both production and sales are likely to drop in the fourth quarter as well amid delayed demand recovery from end user industries as well as strike in Hyundai Steel’s Dangjin Works and typhoon disruptions at Pohang works.
Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.
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