South Korea’s hot-dipped galvanised (HDG) steel exports rose by 22% m-o-m to 122,203 tonnes (t) in July 2022 compared to 99,901 t in the previous month. On a monthly basis, exports increased by 18% against 103,540 t in July 2021, as per data from the Korea Steel Association. Export volumes increased due to easing logistics issues.
However, on a cumulative basis, exports dropped 3% y-o-y to 827,065 t during January-July 2022 as compared with 849,401 t in the same period year ago.
Imports decline sharply in July
Import volumes of HDG steel declined sharply by 18% m-o-m to 57,819 t in July compared with 70,779 t in June. Imports plunged 45% y-o-y against 104,614 t in July 2021. The decline in volumes was majorly due to the fall in global steel prices and weak demand amid off-season.
Imports registered a fall of 33% y-o-y to 405,869 t during January-July 2022 in contrast with 607,553 t in the corresponding period last year.
Outlook
Market participants anticipate that if the current situation continues then export and import volumes are likely to remain under pressure in August.
Note: This article has been written in accordance with an article exchange agreement between Steel Daily and SteelMint.
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