China's production cuts may hit CR, GI exports to Korea

Due to China's steel production cut policy and electricity restrictions, it is expected that exports of cold-rolled galvanised materials to Korea will decrease, as per SteelDaily.
News that some Chinese steelmakers will reduce exports from October has increased the interest of the Korean domestic steel industry.

In fact, in the case of Bongye Steel, the price was not offered for the entire month of September. In addition, Podu Steel, a leading GI exporter, made an export offer of $1,096/t in September for November shipments, and the industry's attention is focused on the price to be offered in mid-October.

According to a market source, "China's production cut policy is becoming a reality…. It will inevitably have an impact."

Accordingly, if the supply of steel from China becomes tight in the current situation, Korea's domestic retail prices are expected to remain strong.

As of the end of September, the retail price of Chinese cold-rolled products is at 1.3 million won per tonne, and Chinese GI is at 1.3 million won per tonne, at equal levels.