South Korea's stainless steel production rises m-o-m in Jan'23

South Korea's major mills' hot rolled stainless steel production in January 2023 touched 38,878 tonnes (t), up 4.4% compared to December 2022. However, the same was down by 79% y-o-y against 182,786 t seen in January 2022, according to SteelDaily.

South Korean steel major POSCO's mills have recovered their production since the flooding incident that had been brought on by Typhoon Hinnamnor last year. Its sales of stainless hot rolled steel totalled 37,486 t in January 2023, an increase of 35.4% from December 2022 but a decrease of 59% from 91,134 t seen in the same month a year ago.

Nonetheless, the company's domestic sales of stainless hot-rolled steel declined by 24% to 15,480 t in January 2023 compared to 20,342 t in December 2022. Similarly, on a y-o-y basis, it plunged by 70% from 51,663 t in January 2022.

Over 22,006 t of stainless steel were shipped by POSCO in the month under review, a notable increase of nearly 200% from 7,342 t in December 2022. In contrast, shipments decreased 44% from 39,471 t in January 2022.

Meanwhile, the country's total exports of stainless steel stood at 37,164 t in January 2023 from 29,615 t in the previous month, an increase of 25% m-o-m. Thailand was the major buyer of the material from Korea.

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