South Korea’s domestic steel demand is likely to hit an 11-year low in 2020 on the back of the COVID-19 pandemic believes the Korea Iron and Steel Association (KOSA), states media reports. Steel demand is likely to witness an 8pc to 48mn mt pressured by sluggishness in the shipbuilding, construction, and manufacturing sectors. In 2019, the country’s steel demand stood at 53.2mn mt.
Exports of steel products could reach 29mn mt, down from the 30mn mt. In the Jan-Oct 2020 period, steel exports declined by 16pc from the prior-year period. Shipments to China, however, rose by 43pc to 4.61mn mt in the period. Exports to Japan could drop by 20pc, compared to a year earlier amid sluggish demand, said the association.