Inventories of flat steel products in the South Korean market increased in October this year, continuing the upward trend observed in the previous month.
According to data from the Korea Iron & Steel Association (KOSA), inventories of flat steel products totaled 1,292,000 mt at the end of October in the domestic market, up 3.1 percent month on month and rising by 21.9 percent from a year earlier.
At the end of October, inventory of hot dip galvanized steel sheets was the highest among inventories of all other flat steel products in South Korea, reaching 276,000 mt which was up nine percent from the preceding month's 253,000 mt.
Despite a drop in flat steel supplies caused by domestic steelmakers' facility repair works and a decline imports, inventory of flat steel products increased in South Korea in October due to weak demand from consumers.