Lates News

In May, both the export volume and unit price of South Korean steel to the United States experienced a significant decline, with the industry generally believing that the negative effects of the US imposition of steel tariffs have now officially started to show. Data released by the Korea Trade Association yesterday (23rd) showed that in May, South Korea's total steel exports to the United States were $327 million, a decrease of 16.3% compared to the same period last year. At the same time, the South Korean steel domestic market is also facing difficulties. A report recently released by the POSRI Business Research Institute stated that South Korea's domestic steel demand is expected to drop to 46.1 million tons this year, the lowest level since 2009. Analysis suggests that the shrinking of the construction and automobile industries, which have the highest demand for steel materials, is the main reason for the decrease in domestic demand. Due to the severe stagnation in steel demand in recent times, Hyundai Steel's POSCO2 factory in South Korea has been completely shut down since the beginning of this month. (CCTV Finance)