It has been found that Korea’s steel exports decreased this year, for the first time in four years, along with the domestic demand.
The Korea Iron & Steel Association announced on December 25 that this year’s steel exports are estimated to have decreased 4.3% year on year to 29.2 million tons. The exports had dropped from 20.8 million to 20.5 million tons between 2008 and 2009 due to the international financial crisis, but increased for three consecutive years from 24.9 million to 29.1 million and 30.5 million tons between 2010 and 2012.
The downturn of this year can be attributed to the stronger trade restrictions imposed by major export destinations such as the United States, the global supply glut, and a weak trend.
Korea’s steel production and domestic consumption for this year are estimated at 69 million tons and 51.6 million tons, 4.2% and 4.6% down from a year earlier, respectively. Then, both production and domestic consumption recorded negative growth for two years in a row, following the minus 0.3% and minus 4.1% of 2012.
The association predicted that steel production, domestic consumption, and exports would all increase 3.8%, 1.4%, and 4.1% each in 2014 compared to this year.