South Korea’s heavy plate import volumes rose by a whopping 130% y-o-y to 1.055 million tonnes (mnt) in January-July 2022 as against 459,743 t in the same period last year.
Increase in orders from domestic shipbuilding industry and drop in export offers amid falling global steel prices have resulted in a sharp rise in imports during the period.
Import volumes in July rose 21% m-o-m to 186,722 t against 154,671 t a month ago. In similar lines, imports surged 56% y-o-y as compared with 119,734 t in July 2021.
Country wise imports
Japan’s share in total imports in January-July 2022 was 62% and that of China was 36.5%. Imports from Japan surged 124.5% y-o-y to 654,017 t and those from China increased by 136% y-o-y to 385,555 t in the period under review.
It is anticipated that the rise in heavy plate imports from China and Japan will continue due to the fall in their export offers. If this trend continues, imports may reach 2 mnt by the end of CY22.
Exports up y-o-y in Jan-Jul’22
South Korea’s heavy plate exports registered an increase of 13% y-o-y to 855,653 t in January-July 2022 as against 759,157 t in the same period last year.
Export volumes in July fell by 13% m-o-m to 123,023 t as compared with 141,080 t in the previous month. However, the volumes rose 19% y-o-y against 103,574 t in July 2021.
Country wise exports
Heavy plate exports to China surged 207% y-o-y to 158,805 t while exports to Australia rose by 113.4% to 36,517 t in the period under review. However, the volumes exported to Japan and USA registered a decline in this period.
Note: This article has been written in accordance with an article exchange agreement between Steel Daily and SteelMint.
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