South Korea: EGI steel sheet sales fall 4%, output down marginally in H1CY22

South Korea's EGI steel sheet sales registered a fall of 4% to 792,432 t in H1CY22 as compared with 826,535 t in the corresponding period last year (CPLY).

In June 2022, sales volumes stood at 119,172 t, down 8% y-o-y against 129,123 t in June 2021. However, sales volumes rose by 4% as compared with 114,144 t in May 2022.

Out of the total sales, domestic sales accounted for 64,243 t in June 2022, down 6% m-o-m from 68,318 t in May 2022. On a y-o-y basis, sales fell 7% against 68,952 t in June 2021.

Exports were recorded at 54,929 t (up 20% m-o-m) in June 2022. The same declined by 9% y-o-y against 60,171 t seen in June 2021.

The slow demand for electrical appliances due to Covid-19 pandemic have resulted in the fall in demand for EGI steel sheets.

"It is difficult to expect the recovery in demand for EGI steel sheets in the domestic as well as global market amid global economic downturn and possibility of rise in imports from China", said an industry official.

Production volumes down marginally in H1

South Korea's electro-galvanised (EGI) steel sheet production was down marginally by 1% to 808,441 t in H1CY22 compared to 813,355 t in the same period last year.

EGI steel sheet production rose 13% y-o-y to 125,498 t in June 2022 against 110,580 t in June 2021, while the same remained largely flat m-o-m as compared with 125,699 t in May 2022.

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