South Korea’s exports of hot-rolled wide steel strips stood at 282,757 tonnes (t) in Oct’21, down 26% against the same period of last year, according to a SteelDaily report.
Increased domestic consumption alongside logistical disruptions amidst vessel and container availability issues, and higher freight rates have led to a decline in export volumes.
On a monthly basis, export volumes of HR-steel strips increased by 3% against Sept’21.
In Jan-Oct’21, exports of the material were recorded at 2.3 million tonnes (mn t), down 29% y-o-y.
Imports up 34% y-o-y
In Oct’21, import volumes stood at 226,158 t, registering an increase of 34% y-o-y and 1% m-o-m.
In Jan-Oct’21, import volumes remained flat at 2.2 mn t against the corresponding period last year (CPLY). Imports of hot-rolled products from Japan fell by 26% y-o-y to around 1.19 mn t, while those from China shot up by 108% to 0.88 mn t against the same period last year.
The concerns around supply burden on South Korean mills is likely to continue with demand outpacing the former. Although an increase in import volumes from China is unlikely amid ongoing production cuts, falling global prices might pose further challenges for the domestic mills.
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