According to data from the South Korean Iron and Steel Association, South Korea's crude steel production in January 2024 reached 5.7 million tons, marking a 1.5% growth compared to the previous year.
However, South Korea's production of wire rod declined by 1.5% in January 2024 compared to the same month last year, reaching 244,000 tons. Despite this decrease, South Korea had seen a 7% increase in wire rod production in 2023, totaling 2.8 million tons, with the highest production occurring in July 2023 at 257,000 tons.
On the other hand, production of hot rolled sheet increased by 4.5% in January compared to the same month last year, reaching 1.3 million tons. In 2023, South Korea produced a total of 16.4 million tons of hot rolled sheet, marking an 8.4% increase compared to 2022.
Similarly, cold rolled sheet production also saw a year-on-year increase of 4.6% in January 2024, reaching 771,000 tons. In 2023, South Korea produced 8.8 million tons of cold rolled sheet.
The decrease in wire rod production could be attributed to a global decline in demand and fluctuations in raw material prices. However, the increase in production of hot and cold rolled sheet is reportedly driven by strong demand in sectors such as automotive and construction. The data suggests that South Korea aims to continue the momentum it gained in steel production in 2023 into 2024.
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