South Korean producers’ EGI sales decline in April
Tags: galvanized , flats , Korea S. , Far East , steelmaking , POSCO , Hyundai , East Asia and Pacific | similar articles »
In April this year, sales by four major South Korean producers of electrolytic galvanized steel sheets (EGI) declined by 14.8 percent year on year to 139,800 metric tons, according to a survey carried out by Korea Metal Journal. Of this volume, 78,700 metric tons were sold in the domestic market and 61,100 metric tons were sold overseas, down 23.3 percent and 0.7 percent year on year respectively.
The sales of domestic EGI producers have continued to fall as compared to last year, affected by weak demand from local manufacturers of electric home appliances, who are reducing their usage of steel products in an attempt to cut their production costs.
Looking at individual companies, POSCO enjoyed an increase in its EGI exports in April, but saw a steep fall in its sales at home due to relocation of production facilities of local electric home appliance manufacturers to their overseas plants. The result was an overall drop in POSCO's EGI sales in April. Meanwhile, the other main domestic EGI producers, Union Steel, Hyundai Hysco and Dongbu Steel, saw their EGI sales fall both at home and abroad in the month of April.