South Korea: Hot-dipped galvanised steel exports fall by 19% y-o-y in Jan'23

South Korea's hot-dipped galvanised (HDG) steel exports fell by 19% y-o-y to 113,570 tonne (t) in January 2023 as compared to 140,766 t in January 2022. Meanwhile, exports registered a 7% increase m-o-m from 106,041 t in December 2022, as per data released by Korea Iron and Steel Association.

Export volumes to major destinations like China, Japan, Europe and the US registered a significant decline amid concerns related to "global economic downturn".

Imports surge 38% y-o-y
On the other hand, HDG imports to South Korea surged 38% on the year to 49,667 t in January 2023 from 36,028 t in the corresponding period last year (CPLY). On similar lines, import volumes rose by 32% m-o-m as against 37,515 t in December 2022.

Imports surged due to an increased inflow from China and Japan amid difference in prices of imported and domestic products.

Furthermore, market participants expect that exports will increase due to delay in recovery of demand from major industries like construction and home appliances. Also, cold-rolled sheet manufacturers continued to raise prices. As a result, there are high possibilities of imports at lower prices.

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