South Korea’s hot-dipped galvanised steel sheet (HDG) production fell by 15% y-o-y to 565,865 tonnes (t) in September 2022 as against 666,434 t in September 2021. Production dropped by 17% from 683,598 t in August, as per data released by the Korea Steel Association.
In January-September 2022, production volumes were recorded at 5.67 million tonnes (mnt), down marginally by 1% against 5.73 mnt in same period last year.
Sales down 9% y-o-y
HDG sales stood at 591,025 t in the month of September, down 9% from 647,904 t in the same period last year. On monthly comparison, the same fell by 11% compared with 665,273 t in August.
On a cumulative comparison, sales stood at 5.56 mnt in January-September 2022, down 2% compared with 5.67 mnt in same period last year.
The delayed recovery of demand from key industries such as home appliances and construction and floods at Pohang works caused by the typhoon Hinnamnor impacted sales volumes.
Exports down by 9% y-o-y
Exports during the month registered a drop of 9% y-o-y to 263,391 t as against 288,570 t in September 2021. Exports fell by 6% against 281,255 t a month ago. However, on a cumulative basis, exports rose 3% y-o-y to 2.25 mnt in January-September 2022 from 2.19 mnt seen in same period year ago.
Domestic sales too fell by 9% y-o-y to 327,634 t in September against 359,334 t in the same period last year. On m-o-m basis, sales fell by 15% from 384,018 t in August.
Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.
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