South Korea: Heavy plate exports, imports down y-o-y in CY'21

South Korea's heavy plates exports stood at 1.3 million tonnes (mn t) in CY'21, down 24% against 1.7 mn t in CY'20. Export volumes dropped as domestic demand from the shipbuilding sector increased. A decrease in imports is also presumed as a factor behind lower exports.

In Dec'21, export volumes jumped 14% to 127,824 t compared to 112,276 t a month ago. However, on a yearly basis, the same went down by 17% against 153,971 t in Dec'20.

Import volumes down in CY'21
Heavy plate imports by South Korean mills stood at 1.09 mn t in CY'21, down 6% compared to 1.16 mn t in CY'20. The largest share was imported from Japan at 755,419 t, up 45% y-o-y.

However, exports from Japan are not likely to rise in CY'22 as blast furnace-steel producers are facing trouble since the end of last year. Also, there are uncertainties in the export policy of the local government.

In addition, domestic demand is growing but production is unlikley to increase significantly compared to the previous year due to facility renovations and other factors.

In Dec'21, import volumes stood at 113,935 t, down 23% against 148,211 t last month. Meanwhile, on a y-o-y basis, the same moved up significantly by 73% against 65,678 t in Dec'20.

Price outlook

Industry insiders point out that the possibility of a sharp drop in domestic prices seems rather low despite weak Chinese heavy plate export offers, as concerns over supply have increased since the beginning of this year.

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