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International Trade: 2014 South Korea will become a net exporter of steel

South Korea's Pohang Iron and Steel Institute (POSRI) recently predicted that, with the steady rise in domestic production, 2014 South Korea could become a net steel exporter, export market competition becomes increasingly fierce. POSRI warning, steel exports its two neighbors - China and Japan need to find new export destinations, to meet future competition, both countries need to adjust the industrial structure and the elimination of excess capacity.

     Until the year 2008, the domestic market supply, South Korea's net imports of steel has been growing steadily. But since 2009, with the new steel equipment in operation, in particular, two modern iron and steel production capacity of 4 million tons of blast furnace put into operation, the Korean steel production growing faster than demand growth, semi-finished steel, hot rolled and plate the sharp drop in imports. At the same time, faced with sluggish domestic demand, South Korea's steel exports rapidly.

     Korea Iron and Steel Institute data show that from January to July this year, South Korean steel exports amounted to 15.95 million tons, up 17%; year steel imports fell to 14.94 million tons, down 3%. The first seven months of this year, South Korean exports of hot rolled to 386 total tons, up sharply by 37%, imports down 21% to 414 million tons.

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