South Korea's flat steel production decreased by 5.2% in January-July

South Korea's production of flat steel products declined in the first seven months of 2024, with output totaling around 6.4 million tons, down by 5.2% from the same period last year.

Sales followed a similar downward pattern, decreasing by 4.3% y-o-y to approximately 6.4 million tons. Domestic sales saw a slight drop of 0.4% to 3.92 million tons, while exports took a larger hit, falling by 9.9% y-o-y to 2.44 million tons.

In contrast, July's production figures offered some positive news. South Korea produced around 975,000 tons of hot-rolled flat products during the month, a 12.7% increase from June 2024 and a 0.5% rise compared to July 2023. The figure reached in July was recorded as the highest level of 2024.