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Downturn expected in South Korean steel sector

According to the 2nd quarter manufacturing outlook released by the Korea Trade and Industry Association (KTIA), the steel sector is facing the risk of a downturn. This situation could negatively impact major steel producers like POSCO Holdings.

Downturn expected in South Korean steel sector

The BSI index published by KTIA confirms the negative outlook for the steel sector. Recording a score of 92, it indicates a prevailing unfavorable climate for the industry, which is deeply concerning for steel manufacturers.

Among the highest risks affecting the sector's performance in the first half of the year is the "decrease in domestic consumption." Instability in raw material and oil prices, along with the worsening global economy, are also significant risks, indicating a challenging period ahead for the steel sector.

The local steel industry is also suffering from commercial risks such as low-priced products from countries like China and Japan, as well as increasing customs duties. This weakens the competitiveness of domestic producers and leads to unfair competition within the sector.

Trade barriers such as the European Union's carbon border adjustment mechanism and the United States' compensatory tariffs further pressure the sector. These obstacles make exporting steel products more difficult and increase costs.

It's noted that performance improvement in the sector can only be expected when internal and external risks like China's economic slowdown and the depreciation of the yen are addressed. Addressing these risks will require cooperation between governments and steel producers.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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