South Korea: POSCO's cold-rolled galvanised steel sales up 8% y-o-y in Jun'23

South Korean steel giant POSCO registered an increase of 8% y-o-y in its cold-rolled galvanised steel sales at 11,20,000 tonnes (t) in June 2023. On m-o-m basis too, sales volume rose by 12% compared to 10,03,000 t in May 2023.

Cold-rolled plate products sold by POSCO in H1 CY'23 (January-June 2023) totalled 6,377,000 t, down 2.7% from the same period last year.

Domestic sales up 3% y-o-y

Cold-rolled galvanised steel sales in the domestic market edged up by 3% y-o-y to 4,66,000 t in June 2023 compared to 4,51,000 t in the same period last year. The same increased marginally by 1% m-o-m over 4,62,000 t recorded in May 2023. The distribution industry has reported a drastic decrease in the order volume for cold-rolled sheets and hot-dip galvanised steel sheet items. However, there has been an increase in sales volume for full hard steel sheet, stone coating plate, and hot-rolled galvanized steel sheet, filling the gap in sales performance for major items.

Exports up 11% y-o-y

Cold-rolled galvanised steel exports increased by 11% y-o-y to 6,54,000 t in June 2023 from 5,90,000 t in the same period last year. However, the export volumes rose by 21% m-o-m as compared with 5,41,000 t in May 2023. Overall, the company saw an increase in exports, except for pickled steel. Exports of cold-rolled steel and hot-dip galvanised steel, which are the key products, saw a significant increase of 20% and 40% respectively compared to the previous month.

This suggests that the company prioritised exports of cold-rolled galvanised steel products in June due to fluctuating prices as demand was slow and distributors faced challenges in the domestic market.

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