South Korea’s leading steel producer, Hyundai Steel, expects steel demand to increase in 2021, especially from the construction and automobile sectors.
- Investment in the construction sector is expected to grow marginally by 1.6% y-o-y to KRW 268 trillion. Strong domestic demand and the government’s new housing plans are likely to support growth in the sector.
- The automobile sector is expected to normalise due to easing semiconductor supplies. Auto producers may recover from disrupted production in H2 CY’21. Production may increase by 6.8% to 3.8 million units.
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