South Korea’s electro-galvanised (EGI) steel sheet exports stood at 38,658 tonnes (t) in October 2022, down 35% against 59,815 t seen in the same period last year. On a monthly basis, exports were down 9% from 42,563 t in September, as per data from the Korea Steel Association.
During January-October, EGI sheet export volumes stood at 531,251 t, down 13% from 613,789 t seen in the corresponding period last year.
Imports down y-o-y
South Korea’s import of EGI sheet also fell by 19% y-o-y to 6,702 t in October this against 8,302 t in October 2021. However, imports rose by 4% as against 6,422 t in September.
On a cumulative comparison, imports recorded a decline of 16% y-o-y to 99,682 t during the first ten months of CY22 (January-October period), from 118,681 t in the same period previous year.
Lower production by the home appliances industries in the domestic as well as global markets resulted in the decline in both exports and imports of EGI sheets.
Furthermore, market participants anticipate that this trend will continue in the coming months, as the appliance industry is likely to focus on keeping its output low and also on reducing inventory levels.
Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.
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