The Korea Iron and Steel Association (KOSA) has stated that consumption of heavy steel plate in South Korea is expected to decline in the current year.
South Korea's heavy plate producers have predicted that consumption of heavy plate in South Korea will total 11.50 million mt this year, while, according to POSRI, the research institute of South Korean steelmaker POSCO, consumption of heavy plate in 2011 was 12.45 million mt. Accordingly, the consumption volume in the current year is expected to see a decrease of around 1 million mt year on year.
The reduction is attributed to canceled orders resulting from lower prices of ships, and increased construction of high value-added ships.