South Korea: Stainless steel plate imports drop to 8-year-low in CY'21

Imports of stainless steel plates into South Korea hit an eight-year low of 627,708 tonnes (t) in CY'21. Import volumes have hovered at around 800,000 t in the last six years, as per Korea Iron and Steel Association (KOSA). Imports fell by 29.07% on the year.

Although import volumes in CY'21 witnessed a decline with an anti-dumping duty (ADD) in place for China, Indonesia and Taiwan, volumes from these countries comprised a major share of imports.

HR stainless steel plate imports at 14-year low: Hot-rolled (HR) stainless steel plate imports were recorded at 253,461 t in CY'21, just above the levels of 250,736 t in CY'07. Also, volumes fell by 41.47% on the year.

Import volumes fell on account of improved supplies from POSCO in the domestic market. For instance, POSCO's cumulative sales volumes were around 480,000 t in Jan-Nov'21, almost double compared to the corresponding period last year. Meanwhile, a major chunk of imports in CY'21 was made by domestic producers, as per a Steel Daily report.

On a country-wise basis, imports from China, Indonesia and Taiwan accounted for about 74% of total volumes in CY'21. Imports from China were recorded at 79,472 t, Indonesia at 101,623 t and Taiwan at 6,113 t.

CR stainless steel plate imports drop by 17% y-o-y: South Korea's imports of cold-rolled (CR) stainless steel plates declined by 17.19% on the year to 374,247 t in CY'21. On a country-wise basis, China held the lion's share of 78.03% of imports, with total shipments at 292,042 t. Imports from Indonesia and Taiwan were at 19,399 t and 19,777 t, respectively.

In the case of CR strips, import volumes didn't register a steep decline because of tight domestic supplies.

Other domestic manufacturers such as Hyundai BNG Steel and Hyundai Steel are focusing on improving their sales operations and are anticipating a further decline in imports in CY'22, given the ADD.

However, imports would continue to come in from Vietnam, India and other countries which are outside the purview of the ADD, sources said.

~ Inputs from Steel Daily