11,024.33 TRY BIST 100 BIST 100
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

South Korea's wire rod production increased

The South Korean steel sector painted a mixed picture in 2023, with increases in crude steel and wire rod production, but declines in H-profile and cold-rolled sheet production.

South Korea's wire rod production increased

South Korea produced 66 million tons of crude steel in 2023, marking a 1.3% increase compared to 2022. This uptick can be attributed to the global steel demand recovery and the robust production capacity of South Korean producers.

Despite a 27.9% decline in 2022, South Korea achieved significant success by increasing wire rod production in 2023. Wire rod production saw a 7% increase, reaching 2.8 million tons in 2023, up from 2.6 million tons in 2022.

There was a decrease in H-profile production in 2023. South Korea, which produced 2.7 million tons of H-profile in 2023, experienced a decrease of 10.8% compared to 2022. In 2022, South Korea's h-profile production was recorded as 3 million tons. This decline is attributed to the slowdown in the construction sector and increasing competition from abroad.

On the other hand, hot-rolled sheet production demonstrated strong performance in 2023, reaching 16 million tons, an 8.4% increase from the previous year's 15.1 million tons.

In contrast, cold-rolled sheet production experienced a slight decline of 0.7% in 2023, falling to 8.5 million tons from 8.6 million tons in 2022.

This complexity in the sector is interpreted as a result of both global and local economic developments. While the recovery in global steel demand and the strong capacity of South Korean producers propelled crude steel and wire rod production, slowdowns in the construction sector and international competition adversely affected H-profile and cold-rolled sheet production.

The sector's performance in 2024 will depend on the trajectory of the global economy, developments in the construction sector, and the competitive strength of South Korean producers.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Cargo handled at Turkish ports increased

Friday, July 12, 2024

AISI reports decline in steel imports for June 2024

Friday, July 12, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024

Iron ore prices fluctuate in India

Friday, July 12, 2024

The imported rebar market in Singapore has weakened

Friday, July 12, 2024
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now