South Korea: EGI exports and imports fall in H1CY23

South Korea's exports of electro-galvanised steel sheet (EGI) totalled at 296,599 tonnes (t) during January-June 2023 (H1CY23), down 11.5% y-o-y from 335,213 t in the same period year ago, as per data from the Korea Steel Association. The decline was driven by a decrease in the number of household appliances being produced.

Exports down by 5.4% y-o-y in June 2023
Exports stood at 51,956 t in June 2023, down 5.4% y-o-y from 50,850 t. However, it was up by 2.2% m-o-m from 50,850 t in May 2023. Exports to Mexico and China, two major markets for EGI, were particularly hard hit. Exports to Mexico fell 8.5% to 73,041 t, while exports to China fell 37.4% to 48,455 t.

Imports drop 18.7% y-o-y in H1
Imports totalled 54,541 t during H1, down 18.7% y-o-y from 67,085 t in the corresponding period last year (CPLY). The decline in imports was largely due to a decrease in Chinese products, which account for the majority of imports.

Imports drop by 46.7% y-o-y in June 2023
Imports were 6,347 t in June 2023, down by 46.7% y-o-y as against 11,900 t in June 2022. Also, it was down by 20.4% m-o-m as against 7,969 t in May 2023.

The overall demand for EGI is continuing to decline and profitability is not as supportive as it was earlier. Demand is gradually shifting to alternative products, highlighted an official.

Note: This article has been written in accordance with an article exchange agreement between SteelDaily and SteelMint.