South Korea: Heavy steel plates production, sales decline y-o-y in September

South Korea's heavy plate (HR plate) production and sales volumes recorded a decline y-o-y in September 2022 due to the disruption caused by typhoon Hinnamnor at POSCO's Pohang works.

Production stood at 481,021 tonnes (t) in September, down 30% from 691,197 t in the same period last year. On a monthly basis too, production fell by 34% as against 731,467 t a month ago, as per the data released by the Korea Steel Association.

Production edged lower by 1% to 6.56 million tonnes (mnt) in January-September 2022 against 6.61 mnt in the corresponding period year ago (CPLY).

Sales fall over 20% y-o-y
Sales volumes declined by 22% y-o-y to 557,606 t in September compared with 718,094 t in September 2021. Sales dropped by 22% from 718,687 t in August.

During January-September, sales dropped 1% to 6.57 mnt as against 6.65 mnt in the same period last year.

Export volumes down 20% on year
Exports during the month stood at 146,050 t, down 20% as against 181,689 t in September 2021. On a monthly basis, exports fell 17% from 176,991 t in the previous month.

In September, the country's domestic demand fell 23% y-o-y to 411,556 t, from 536,405 t in the same period last year. On a monthly basis, the same fell by 24% as against 541,696 t in August.

Imports down 5% y-o-y
Heavy plate imports to South Korea dropped 5% y-o-y to 91,054 t in the month of September from 95,628 t in the same period last year. Likewise, imports decliend by 37% m-o-m against 145,649 t in August.

Import volumes have almost doubled to 1.29 mnt during January-September this year in contrast with 665,429 t in the same period last year due to the decline in production and sales volumes.

Outlook
The falling trend of production and sales is likely to continue in October due to floods at the Pohang works and strike at Hyundai Steel's Dangjin works.

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