9,312.13 TRY BIST 100 BIST 100
38.30 USD USD USD
5.28 CNY CNY CNY
43.56 EUR EUR EUR
0.12 CNY CNY/EUR CNY/EUR
46.74 TRY Interest Interest
66.21 USD Fossil Oil Fossil Oil
41.10 USD Silver Silver
488.00 USD Copper Copper
99.70 USD Iron Ore Iron Ore
352.00 USD Shipbreaking Scrap Shipbreaking Scrap
4,091.06 TRY Gold (gr) Gold (gr)

Japanese steelmakers turn to the South Korean market

Japanese steelmakers turned towards the South Korean market as the Japanese yen depreciated against the South Korean Won.

Japanese steelmakers turn to the South Korean market

According to industry sources, South Korea's imports of hot-rolled steel plate from Japan are expected to increase by 44% this year to reach 2.4 million tonnes. Japan exported 1.6 million tonnes of steel in the first eight months of 2023, up 44%.

The main reason for this increase is that the Japanese yen decreased to the lowest level in the last eight years, which made Japanese steel products more attractive in the competition in South Korea.

Since Japanese hot-rolled steel plates are more affordable than Chinese-made products in Korea, Korean small steel mills and electronics manufacturers prefer Japanese steel plates.

Japanese products account for 58 per cent of all Korean imports of hot-rolled steel plates. This proportion is the highest since 2020.

In order to compete with the low prices in South Korea, Japanese steelmakers are lowering their prices by less than 15% in the local market.

Although this move by Japanese steelmakers has caused concerns in the steel industry in South Korea, Japanese steelmakers are planning to increase their prices in their home country.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

UAE scrap and steel market seeks balance as saudi rebar prices hold steady

Friday, April 25, 2025

Tuğba Çimenci: EU's Steel Plan creates both pressure and opportunity for the Turkish industry

Friday, April 25, 2025

ArcelorMittal to lay off 600 employees in France

Friday, April 25, 2025

Fire panic aboard scrap-loaded ship

Friday, April 25, 2025

Kocaer is growing in green energy and green steel: Investment plan of USD 750 million by 2030

Friday, April 25, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now