HRC sales of South Korean steel producers are turning to the domestic market

According to data, hot rolled coil (HRC) sales of South Korea's major blast furnace steelmakers POSCO Steel and Hyundai Steel decreased slightly in January compared to the previous month. While the HRC production of these producers decreased by 100,000 tons compared to the previous month, there was a decrease of 45,000 tons in sales. However, domestic demand saw a significant increase, with an increase of 65,000 tonnes to 590,000 tonnes, accounting for 61% of the total sales of both factories. This indicates that sales in the local market are increasing.

While the increased demand for galvanized steel from the local sub-sectors increased consumption, hot coil prices in the Japanese market showed an upward trend. POSCO Steel and Hyundai Steel's export volumes to India and Europe decreased significantly due to disruptions in deliveries to Europe, especially due to the Red Sea crisis.