South Korea: Heavy plate exports rise 10% m-o-m in May’22

South Korea’s heavy plate exports stood at 123,625 tonnes (t) in May 2022, up 10% m-o-m against 112,782 t in April 2022. On y-o-y basis, export volumes surged 63% compared to 75,876 t in May 2021.

In January-May 2022, exports went up by 10% to 591,733 t against 538,643 t in the corresponding period last year.

Imports up 19% m-o-m in May

Heavy plate imports by South Korean mills rose 19% m-o-m to 167,899 t in May 2022, compared with 141,495 t in the previous month. Similarly, on y-o-y basis, imports jumped 139% compared to 70,374 t in May 2021.

Imports registered a significant rise on y-o-y basis majorly due to increasing demand from the shipbuilding sector coupled with limited supply of heavy plates and falling import prices.

Imports aggregated to 714,124 t during January-May 2022, up by a whopping 174% against 260,684 t in the same period last year.

Outlook

Market participants anticipate that heavy plates imports by South Korea are likely to decline due to delay in recovery in domestic demand from other sectors except shipbuilding. The higher exchange rates are also dissuading imports.

Note: This article has been published in accordance with an article exchange agreement between Steel Daily and SteelMint.