Korean steel mills expand rebar exports in coming months

At present, Korean rebar seems to be stabilizing under declining demand conditions. The local steel market traders believe that demand will rebound soon, and the continued low inventory level will also support the market rebound.

It is reported that Korean steel prices are also expected to expand exports in the coming months in the face of attractive prices overseas. In contrast, South Korea’s largest rebar mill, Hyundai Steel, aims to increase exports in June, from 45,000 tons in May to 60,000 tons. It is expected that shipments in July will also remain at this level.

In addition, several major steel mills in South Korea also plan to increase the rebar price from July to August by US$10/ton to US$710/tonne (FOB. From January to March this year, Korean rebar exports increased by 34% year-on-year to 151,700. Ton, this is due to the higher capacity utilization rate of steel mills.