Due to increased output and sluggish demand, inventories of thick steel plate at South Korean steelmakers reached record high levels at the end of July. According to the Korea Iron and Steel Association, as of the end of July this year thick plate stocks at South Korean mills totaled a record high of over 450,000 mt, which is 1.16 times more compared to the same date last year.
In January-July, the aggregate thick plate output of major South Korean steel producers POSCO, Dongkuk Steek and Hyundai Hysco increased by 38 percent year on year reaching 6.6 million mt. Hyundai Hysco plans to reduce its thick plate production, while the capacity utilization rate of the other two producers remains at 100 percent.
Thick plate sales remained on a downtrend over the summer due to the off-season for demand in the shipbuilding industry