It is predicted that, due to the weak market demand, the domestic Hot rolled steel plate production in Korea will decline this year. In the first half of the year, the domestic production of hot rolled steel plates in Korea was 6.048 million tons, a decrease of 4.8% compared with the same period last year.
The main reason for the reduction of hot rolled steel plate is the large-scale maintenance of related equipment, especially in September and October. Another reason is the recent weakening of domestic market demand for hot rolled steel plate in South Korea. It is expected that in the second half of this year, except for a slight rebound in the market demand of the construction industry, the consumption prospects of other downstream steel industries are gloomy. However, considering the increasing trade tension between Japan and South Korea, South Korea may reduce imports of hot rolled steel plate, cold rolled steel plate and Steel pipe from Japan. Therefore, Korean hot rolled steel plate manufacturers can adjust their production plans in the second half of the year and respond to changes in time. According to data released by Korea Iron and Steel Association, in the first half of this year, the total amount of hot rolled steel plate imported from Japan by Korea reached 9.9769 million tons.
In addition, iron ore prices continue to rise, increasing pressure on hot rolled steel plate producers in produce costs. Although iron ore import prices have dropped recently, the current level is still higher than last year's average import price ($69 per ton).
Just like you, 70% customers choose long-term cooperation with BBN steel not only for our good product and service quality, good reputation in the international market, but also for our experienced one-stop raw material supply and further steel processing!
