South Korea's steel demand to increase in 2006

South Korea’s steel demand to increase in 2006

South Korea's domestic steel demand is expected to increase next year due to the brisk growth in manufacturing industries, such as automobiles, ships and machinery. South Korean Iron and Steel Association (KISA) indicated that domestic consumption of steel products is expected to increase 1 percent year on year to 47.4 million tons in 2006. KISA said that steel product exports will increase 3.1 percent year on year to 16.5 million tons next year. Meanwhile, imports of Chinese steel products are expected to fall 0.7 percent year on year to 18.7 million tons in 2006.