In February, the ordinary steel billet production and shipment decreased in February from those of the year before, according to the Korea Iron and Steel Association. In detail, the billet production was down in February to 725,023 metric tons, which reduced 26.3 percent from January, or 8.4 percent from a year ago, the statistics unfolded. The decrease appears due largely to the Lunar New Year break and the consequent abbreviated working days. Besides, the stock of reinforced steel bar, which is produced from billet, surpassed 400,000 tons in the first half last year, causing imbalance between the supply and demand status that could ensue the reduced billet production, the reports said.
Korea's domestic electric arc furnace-based mills’ officials close to the statistics said that they had lots of billet inventories last year to produce the finished products like rebar, but faced imbalance between supply and demand as the production of finished products built up. The mills tried to cut the production of billet this year in order to avoid recurrence as seen last year, they added.
Meanwhile, Korea’s ordinary steel billet shipment was down 58.5 percent in February, month to month, or 25.3 percent year to year, totaling 10,818 metric tons. Of which, domestic shipment decreased 64.6 percent from January to 8,670 metric tons. This was down 16.4 percent from a year ago. Export demand was 2,148 metric tons, surging 34.9 percent month to month, yet down 47.8 percent a year ago. As of the end of February, the ordinary steel billet stock inflated 1.5 percent from January, but depleted 24.3 percent from a year ago, staying at 643,655 metric tons, according to the reports.
Source: Steel&Metal News |
