In June this year, South Korea's exports of steel plates increased by 12.6 percent year on year to 156,819 mt, but were down 50.4 percent from May, according to the Korea Iron and Steel Association (KOSA).
South Korea's steel plate export volume in June constituted the lowest monthly volume to date in the current year. The main reasons for the sluggishness of South Korea's plate exports in June included the slump in the construction industry in the Middle East and Southeast Asia and also the rapid contraction in order placement for the construction of new ship vessels all over the world against the background of the European economic crisis.
South Korean steelmakers' production of steel plates amounted to just 814,809 mt in June, down 5.2 percent year on year and falling by 11.2 percent month on month. In June, sales of steel plates in the domestic market were down 14.9 percent year on year but were up three percent month on month.
Inventory of steel plates at South Korean steelmakers slid 3.3 percent month on month to 525,784 nt at the end of June, but was up 44.3 percent on year-on-year basis.