South Korea: Steel majors' HR sales up 25% m-o-m in Mar'22

Korean steel majors, POSCO and Hyundai Steel, reported an increase in sales of hot-rolled (HR) products in March 2022, both on m-o-m and y-o-y basis.

The combined sales volume of both the companies totalled 0.97 mnt in March 2022, up 25.3% against February 2022 and an increase of 13.5% compared to March 2021.

Domestic sales accounted for 0.65 mnt in March 2022, registering an increase of 16.3% m-o-m and 13% y-o-y.

On the other hand, exports too, surged by 40% to 0.32 mnt from the previous month and up 14.5% from the same month of the previous year.

HR sales in Q1 decline

In Q1CY22, HR sales stood at 2.67 mnt, down by 4.7% compared to Q1 of the previous fiscal.

Domestic sales stood flat at 1.83 mnt y-o-y in Q1, whereas exports dropped 13% to 0.84 mnt, weighing down overall sales.

Outlook

POSCO has repair plans in April and May 2022 which may impact production and sales of exterior plates in the near term. For instance, POSCO's Pohang works' 2nd HR mill and Gwangyang's 3rd HR mill will undergo repairs from mid-April or early-May 2022.

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