South Korea: Hot-dipped galvanised steel production, sales down in Jan-Jun'22

South Korea's hot-dipped galvanised steel production and sales dropped y-o-y in the first six months of the current calendar year.

Slow demand recovery from major consuming industries such as automobile and construction amid global economic slowdown besides buyers adopting a wait-and-watch mode on falling raw material (HRC) prices have had an impact on production and sales volumes.

Production down 2% y-o-y

Hot-dipped galvanised steel production stood at 3.71 million tonnes (mnt) in Jan-Jun'22 period, down 2% against 3.77 mnt in the corresponding period last year.

In Jun'22, production volumes rose 6% to 612,243 tonnes (t) in comparison with 578,590 t a month ago. On an annual basis, the same surged 16% against 527,281 t in Jun'21.

Sales dip 5% y-o-y

Sales of hot-dipped galvanised steel aggregated to 3.64 mnt in Jan-Jun'22, down 5% as against 3.83 mnt in the year-ago period. Out of the total sales, domestic sales accounted for 2.21 mnt (down 6%), while, exports stood at 1.43 mnt (down 4%) compared to Jan-Jun'21.

Hot-dipped galvanised steel sales dropped 10% to 533,484 t in Jun'22 compared to 593,272 t a month ago. On a y-o-y basis, sales edged down 2% against 542,530 t in Jun'21.

Exports in the month stood at 201,590 t, down 7% against 217,645 t a month ago. On a y-o-y basis, exports dropped marginally by 1% against 204,635 t in Jun'21.

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