Export volumes of heavy plates from Jan-Nov’21 stood at 1.19 million tonnes (mn t), down 25% compared to 1.60 mn t in the same-period last year, according to the Korean Steel Association.
In Nov’21, export volumes moved up 12% to 0.11 mn t compared to 0.10 mn t a month ago. However, on an annualised basis, the same went down 18% against 0.14 mn t seen in Nov’20.
Surge in domestic demand, especially from the ship-building sector along with the impact of Covid-19, has contributed to a decline in export volumes, as per the latest SteelDaily report.
Country-wise exports in Jan-Nov
Exports to Japan, China and Vietnam slowed down during the first 11 months but export volumes to USA, Taiwan and Turkey increased rapidly.
Imports
Import volumes of heavy plates dropped almost 11% to 0.98 mn t during Jan-Nov’21 versus 1.10 mn t in Jan-Nov’20.
In Nov’21, imports aggregated to 0.15 mn t, down 14% against 0.17 mn t a month ago. On a yearly basis, import volumes witnessed a sharp increase of around 163% against 0.056 mn t in Nov’20.
Increase in imports was mainly due to continuous decline in steel prices, including China’s, and a recovery in domestic demand from the ship-building sector.
Country-wise imports in Jan-Nov’21
Chinese imports halved in Jan-Nov’21 but Japanese imports surged 37% in this period compared to the same period last year, making up for the decline in Chinese imports.
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