South Korea: Exports of HR stainless steel drops 22% in CY'21
The export volumes of stainless steel hot-rolled wide steel strips declined more than double digits in CY’21. Export volumes stood at 544,934 tonnes (t), down 2...
The export volumes of stainless steel hot-rolled wide steel strips declined more than double digits in CY'21. Export volumes stood at 544,934 tonnes (t), down 21.7% from the previous year.
The average unit price for customs clearance was $1,950, up 33% y-o-y.
Export share to Southeast Asia accounted for highest at 48.5%, followed by China at 18.3% and Europe at 24.9%.
Country-wise exports in CY'21
Export volumes to Southeast Asia were recorded at 264,382 t - out of which 153,860 t were exported to Thailand, 96,145 t to Vietnam and 14,135 t to Taiwan.
Export volumes to Europe stood at 135,827 t, of which 105,063 t were exported to Turkey and 23,515 tons to Italy.
Northeast Asia imported 137,637 t of HR, while exports to China and Japan stood at 99,903 t and 37,734 t respectively. Exports to Japan rose 17.1% on the year.
Meanwhile, 300 series hot-rolled products exported 463,729 t in CY'21, and the average unit price was $2044. It was estimated that the 400 series were exported at around 11,412 t. Most of the 400 series HR exports were to Southeast Asia and India.
Cold rolled exports
Exports of stainless steel cold-rolled wide steel strips in CY'21 were recorded at around 408,379 t, up 1.2% y-o-y. The average unit price for customs clearance was $2,250, up 23.7% from the previous year.
Export share of stainless steel cold rolled products in CY'21 - Europe had the highest with 32.6%, followed by Japan at 24.5% and Southeast Asia at 19.8%.
Country-wise exports in CY'21
Export volumes to Europe totalled to 133,170 t, down 18.5% y-o-y. Out of which, 62,548 t were exported to Italy, 9,067 t to Turkey, and 18,569 t to Belgium. It exported 12,152 t to Slovenia, 6,351 t to Poland, and 8,199 t to Spain.
Exports to Japan amounted to 99,987 t, up 15.7% y-o-y. Exports to Latin America were recorded at 48,219 t, of which 45,685 t were exported to Mexico. Exports of materials for home appliances appear to have increased.
For North America, export volumes were at 15,316 t, a slight increase from the previous year. 27,382 t were exported to India. In addition, exports to China fell sharply from the previous year to 1,713 t. It exported 8,793 t to Southeast Asia, 15,776 t to Indonesia, 49,700 t to Vietnam, and 3,770 t to Thailand.
Meanwhile, last year, the export volume of 300 series stainless steel cold rolled products was 207,400 t, with an average unit price of $2,587. The export volume of 400 series stainless steel cold rolled products was 171,198 t.
Export market does not seem to be very bright in CY'22 as trade regulations continued throughout the region and AD tariffs are in effect in Korea, manufacturers are expected to prioritise domestic demand. Therefore, an increase in export volumes are not likely to be seen.
Note: This insight has been published in accordance with an article exchange agreement between SteelMint and SteelDaily.