Korea's Domestic Demand for Finished Steel Products Will Rise Slightly by 1.5%

According to report made by the Posco Research Institute (Posri), Korea’s domestic demand for finished steel products will rise slightly by 1.5% year on year to 26.48 million tons in the second half of this year.

Posri indicated that the country’s domestic demand for steel long products will improve while the demand for steel flat products from end users such as shipbuilders and carmakers will become weaker, causing the country’s overall steel consumption fall.

It’s estimated that Korea’s totaled demand for steel flat products would be at 12.95 million tons in the second half of this year, falling by 3% year on year. Among them, the demand for heavy plates will decrease substantially by 13% year on year due to slower construction by local shipbuilders.

Nevertheless, the recovering building construction is expected to boost the country’s demand for steel long products in the second half of this year to rise by 3% year on year to 10.5 million tons.