Posted on 13 Dec 2011
According to data, South Korean exports of heavy plate surged by 45% year on year to 1.64 million tons in the first ten months of this year. Furthermore, it’s predicted that the country will remain its exports of heavy plates at high level in 2012.
It’s analyzed that South Korean steel mills have enlarged the exports of heavy plates due to sluggish demand and oversupply in domestic market.
South Korea’s production of heavy plates in the first ten months of this year soared by 24% year on year to 9.34 million tons, according to statistics released by the Korea Iron & Steel Association (KOSA).
Industry sources indicated that South Korean’s domestic demand for heavy plate may remain weak in 2012 since the shipbuilding companies have imported the cheap material from China and other countries in order to reduce costs.
Currently, South Korean shipbuilding companies reached the agreement with Japanese steel mills for the Q4 ship plate prices of US$770~US$780/ton FOB, down by US$40~US$50/ton in comparison of that in the Q3.
