Korea: Heavy plate exports down 10% on month in Sep'21
Korea: Heavy plate exports down 10% on month in Sep’21...
South Korea's export volumes of heavy steel plates in Sep'21 were recorded at 108,710 tonnes (t), down 10% month-on-month (m-o-m). However, exports dropped sharply by 48% year-on-year (y-o-y).
Exports of heavy plates by the world's sixth-largest steel producer dropped due to the prevailing headwinds in global manufacturing as a result of the power shortage. Moreover, domestic demand in Korea from the shipbuilding industry remained robust, according to latest updates from the Korea Steel Association.
In Jan-Sep'21, total exports of heavy plates fell sharply by 25% from the same period of the previous year to 988,801 t.
Along with exports, imports also declined by 13% to 95,628 t in Sep, m-o-m. However, imports increased by 19.3% compared to the same period last year.
In Jan-Sep'21, however, total imports stood at 655,429 t, a steep decline of 30% compared to the corresponding period of the previous year.
Imports of heavy plates increased temporarily in Aug and Sep on rumors about China's tariffs on heavy steel plates since Sep and concerns about domestic supply burden owing to declining imports, SteelMint understands from reports in Steel Daily.