South Korea: POSCO's cold rolled sheet products sales fall 4.3% y-o-y in May'23

POSCO's cold-rolled steel products sales were recorded at 1 million tonnes (mnt) in May 2023, down by 4% from 1.04 mnt in same period last year. However, sales edged up by 1% from 9,96,000 tonnes (t) in the previous month.

In May 2023, domestic sales stood at 462,000 t, down 4% y-o-y and m-o-m.

Exports fall by 5% y-o-y

Exports fell by 5% on the year to 5,41,000 t in May from 5,67,000 t in the same period previous year. However, the same rose by 5% m-o-m as compared with 5,15,000 t in April. This was majorly due to delayed recovery of domestic demand industries and an increased competition from other exporting countries.

Sales down y-o-y in January-May 2023

On a cumulative comparison, sales during January-May period dropped 5% y-o-y to 5.2 mnt from 5.51 mnt in the corresponding period last year (CPLY). During the period, domestic sales inched down by 2% to 2.41 mnt and exports fell by 7% to 2.84 mnt on the year.

Sales volumes are unlikely to increase next month amid delayed demand recovery from major industries.

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