In July this year, South Korea's imports of cold rolled (CR) and hot dip galvanized (HDG) steel declined by 35 percent and 36 percent year on year respectively, according to data from the Korea Iron and Steel Association (KOSA). In the given month, South Korea's exports of CR fell by 12 percent, while its HDG exports increased by 21 percent, both year on year.
In July, South Korea's inbound shipments of CR totaled 45,827 mt, a drop of 35 percent from 69,973 mt in the same month last year, affected by local consumers' reduced purchases amid a slump in the domestic market and also influenced by the arrival of the seasonal low-demand period for the products in question. Outbound shipments of CR in July this year declined by 12 percent year on year to 257,628 mt due to the global economic recession and a slowdown in the pace of growth of automotive production.
As regards HDG, in July South Korea's imports were down 36 percent year on year to 44,421 mt. In particular, in July imports of Chinese origin HDG declined by 37.2 percent year on year to 27,324 mt amid the further deterioration of the South Korean construction business.
However, South Korea's HDG exports in July surged 21 percent year on year to 154,195 mt, boosted by local steelmakers' export-driven marketing policy aimed at new emerging markets such as Thailand.