Korea: HR strips exports down 26%, imports up 34% in Sept'21
Korea: HR strips exports down 26%, imports up 34% in Sept'21...
South Korea's export volumes of hot-rolled (HR) wide steel strips continued to decline sharply to 0.29 million tonnes (mn t) in Sept'21. Although this figure was up 2.5% m-o-m, declined by 26% compared to the same month of the previous year.
However, imports increased rapidly to 0.27 mn t last month, up marginally by 1.3% m-o-m, and 34% y-o-y, according to the Korea Steel Association.
Exports continued to decrease owing to the Lunar New Year holidays and the priority given to domestic supply which increased significantly in September on concerns over the same and export restrictions from China overlapped, Steelmint understands from SteelDaily.
In Jan-Sept'21, exports stood at 2.71 mn t, down 29.5% from the same period of the previous year. Meanwhile, imports stood at 1.97 mn t, down 4.5% annually.
In case of country-wise hot-rolled steel strips exports in September, exports to Japan, India and Canada increased significantly from the previous year, while that to existing exporting countries such as China and Indonesia edged down significantly.
In Jan-Sept'21, exports to Japan, India, United States and Thailand increased while exports to Vietnam, Indonesia, and China fell sharply, leading to a decline in overall exports.
On the other hand, Japanese imports declined to 31.1%, but the surge in imports from China doubled, thus, leading to the overall increase in imports.